U.S.
stocks fell as oil prices tumbled for a second day and Germany rejected
a proposal from Greece to seek an extension of its loan facilities.
The
Standard & Poor™s 500 Index fell 0.3 percent to 2,093.56 at 9:32
a.m. in New York. West Texas Intermediate crude oil lost 5 percent to
slip below $50 a barrel.
Futures
advanced earlier after the European Commission said a letter by
Greece™s government requesting the extension of its loan facilities
could pave the way for a compromise agreement. Gains were quickly erased
after a German government official said Greece™s request is not in line
with agreed criteria for the euro region.
The
S&P 500 was little changed Wednesday, erasing a loss as speculation
that the Federal Reserve will keep rates lower for longer overshadowed a
drop in energy shares. Minutes from the Fed™s latest meeting showed
some policy makers argued for keeping rates low for longer amid risks
facing the economy.
Source: Bloomberg
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