US stocks lower on Greece worries

Investors also await weekly US jobless claims.

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By :  ,  Financial Analyst

US stocks traded lower this morning (May 28th) on concerns about Greece's future in the eurozone.

There are concerns that the Greek crisis could engulf Spain, as voters punished the ruling Popular Party in local elections after years of austerity policies. Investors are also weighing the possibility of a Greek default.

The country might miss a debt payment on June 5th if it fails to receive bailout funds from creditors, who are demanding that the country make reforms to its economy.

Investors also await weekly US jobless claims and pending home sales data for April, that are due later today.  Analysts quoted by Reuters expect the US Labor Department to report that jobless claims fell to 270,000 last week from 274,000 in the prior week.

The Dow Jones industrial average fell 0.27 per cent to 18,113.05, the S&P 500 lost 0.11 per cent to 2,121.14 and the Nasdaq Composite dropped 0.14 per cent to 5,099.53.

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