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The Dow Jones Industrial Average dropped for a sixth straight day, the longest losing streak since August, as Greece’s political impasse intensified concern about a worsening of the European sovereign-debt crisis.
Stocks slumped and Spanish default risk climbed to a record as Alexis Tsipras of Greece’s Syriza party squared off with political leaders before talks on forming a coalition, handing them an ultimatum to renounce support for the European Union-led rescue if they want to enter government.
Equities pared losses as German Chancellor Angela Merkel told a German newspaper she wants to keep Greece in the euro area.
Financial and industrial shares fell the most among 10 groups in the Standard & Poor’s 500 Index. General Electric Co. (GE) and JPMorgan Chase & Co. (JPM) each slid 1.8 percent to pace losses among the biggest companies.
Dean Foods Co. rose 9.6 percent, the most in the S&P 500, to $13.95. The biggest U.S. dairy processor boosted its full- year forecast, saying it now expects to earn at least $1.10 a share. Analysts, on average, estimated 95 cents.
Arena Pharmaceuticals Inc. increased 6.4 percent to $3.64. The biopharmaceutical company was raised to outperform from market perform at BMO Capital Markets. The rating means that Arena is forecast to beat the market.
Walt Disney Co. (DIS) jumped 2.4 percent to $45.37, a record high. The world’s largest entertainment company said fiscal second-quarter earnings rose 21 percent, beating analysts’ estimates on rising theme-park and cable-television profits.
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