By Andy Giersher

(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.

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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