US stocks drop sharply as Europe woes deepen

Stocks open sharply lower on Wall Street as Greek political paralysis drags into a second week

Associated Press
Stocks, euro drop as deadlock continues in Greece

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In this May 11, 2012, photo, trader Jason Harper, right, works on the floor of the New York Stock Exchange. Wall Street ended last week with a decline after JPMorgan said it lost $2 billion on poorly-thought-out trades. (AP Photo/Richard Drew)

NEW YORK (AP) -- U.S. stocks opened sharply lower as Europe wrestles with what to do next about the financial crises in Greece.

Minutes after the opening bell Monday, the Dow Jones industrial average is down 107 points to 12,712.

The Standard & Poor's 500 index dropped 13 points to 1,340. The Nasdaq composite fell 24 points to 2,909.

Politicians in Athens resume power-sharing talks Monday as negotiations to create a government drag into a second week. The uncertainty is raising concerns that Greece could miss a debt payment.

JPMorgan Chase & Co. fell 3 percent in early trading, following news that its chief investment officer, Ina Drew, would step down. The bank said last week that it lost $2 billion in a trade on corporate debt.

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