News Summary: Markets hit new lows on Greece

AP News
Posted: May 16, 2012 5:36 PM
News Summary: Markets hit new lows on Greece

GREEK DRAMA: Stock markets fell on worries that Greece would exit the euro bloc and throw the global markets into further turmoil. New elections were called in Greece for June 17 after coalition talks to form a government fell apart.

NEW LOW: The Dow Jones industrial average fell for the fourth day in a row. Oil closed at its lowest level since November. The euro fell to a four-month low. And the price of gold reached its lowest level since December.

GOOD NEWS NOT GOOD ENOUGH: There was positive news on the U.S. economy, but it wasn't enough to get investors excited. Construction of homes rose 2.6 percent from March, and U.S. factory production increased 0.6 percent in April, helped by a gain in auto production.