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U.S. stocks retreated, ending a five-day advance in the Standard & Poor’s 500 Index, amid a stalemate between European finance ministers and Greek bondholders over how to resolve the nation’s debt crisis.
Global stocks slumped as European finance ministers pushed bondholders to provide greater debt relief for Greece, spurring concern the nation may fail to make a March 20 bond payment. The International Monetary Fund cut its forecast for the global economy. President Barack Obama tonight will lay out what he calls a “blueprint” for revitalizing the economy in his third State of the Union address before a joint session of Congress.
Dow 12,666.02 -42.80 -0.34%, Nasdaq 2,783.76 -0.41 -0.01%, S&P 500 1,313.06 -2.94 -0.22%
Bank of America Corp. and Citigroup Inc. dropped at least 0.7 percent, following a tumble in European lenders.
Travelers Cos., the only insurer in the Dow Jones Industrial Average, slid 3.3 percent as profit fell.
Verizon (VZ) Communications Inc., the second-largest U.S. phone company, lost 1.7 percent after reporting a loss.
Peabody Energy Corp., the biggest U.S. coal producer, sank 4.9 percent as earnings missed estimates.
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