After The Bell: Stocks Slide On Greek Debt Worries
(CBS) -- Stocks traded lower on Wednesday as a lack of progress in Greek debt negotiations and concerns about stock market valuation weighed on investors sentiment.
The NASDAQ lost 38, the S&P 500 fell 16 and the Dow Jones industrial average shed nearly 180 points, settling below the key 18,000 level. The Dow transports fell almost 2-percent, continuing its divergence from the broader indices.
"This never ending Greek drama that we have going on in Europe continues, but this time around the Greek political situation is a lot different than it's been the last few years, worrying Wall Street that we may see a potential Greek exit." said Mike Larson, analyst at Money and Markets.
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He also noted there's been deterioration in parts of the market, not performing up to the same level as the Dow, S&P 500 or NASDAQ, and this could put pressure on the broader market over time.
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