Summary Box: Stocks fall as Greek deal is held up

AP News
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Posted: Feb 10, 2012 5:56 PM
Summary Box: Stocks fall as Greek deal is held up

BAILOUT BLUES: U.S. stocks took their biggest slide so far this year on news that European countries that share the euro with Greece want it to make deeper spending cuts in exchange for bailout money. Stocks had risen just a day before on hopes the bailout was imminent.

EVERYONE DOWN: The declines were broad with all ten industry groups in the S&P 500 stock index down. Materials stocks fell the most, 1.8 percent. Jeans maker True Religion Apparel plunged 28 percent after its earnings fell far below what analysts were expecting.

GOLD DID WHAT?: The safe-haven metal usually rises when stocks fall, but on Friday it fell 1 percent. "People are speculating, and so the drop could get bigger," said Mark Matson, CEO of Matson Money.