Wall Street dips on Greece

Stocks dipped on Tuesday as talks to resolve Greece’s debt crisis hit a snag and some lackluster earnings put the S&P 500 index’s five-day string of gains in jeopardy.
Greece moved closer to the possibility of a chaotic default after euro zone officials rejected a bond swap offer from the country’s private bondholders, who pleaded with European officials to reach a deal.
A disorderly default by Greece could revive the possibility of contagion among euro zone nations, putting weaker members of the bloc at higher risk of default.
“They don’t seem that far apart,” said Stephen Massocca, managing director at Wedbush Morgan in San Francisco, referring to the two groups.
“At this point, people think they are going to come to some resolution. They have to get the pin back in the hand grenade somehow.”
The Dow Jones industrial average <.DJI> dropped 50.06 points, or 0.39 percent, to 12,658.76. The Standard & Poor’s 500 Index <.SPX> lost 3.77 points, or 0.29 percent, to 1,312.23. The Nasdaq Composite Index <.IXIC> dipped 1.19 points, or 0.04 percent, to 2,782.98.