Stocks fall sharply as Greek deal is held up

Bernard Condon, AP Business Writer
Stocks fall sharply as Greek deal is held up

In this Feb. 8, 2012 photo, specialist Michael O'Mara, right, works on the floor of the New York Stock Exchange. Stock markets fell Friday, Feb. 10, 2012, after Greece's crucial international bailout was put on hold by its partners in the 17-nation eurozone, a day after it seemed that the country's tortuous journey to pacifying its creditors had reached a conclusion. (AP Photo/Richard Drew)

NEW YORK (AP) -- Stocks are closing their worst day this year after Greece hit a roadblock on its way to a critical bailout.

The Dow Jones industrial average is finishing down 89 points, or 0.7 percent, at 12,801. The broader Standard & Poor's 500 is down nine points to 1,343. It is the first losing week for the index this year.

The Nasdaq composite is closing down 23 points at 2,904.

Stocks fell all day on news that European finance ministers were insisting that Greece cut even more in wages and spending if the nation hopes to get bailout money to pay its creditors.

Three stocks fell for every one that rose Friday on the New York Stock Exchange. Volume was light with just 3.5 billion shares trading hands.