US stocks fall as Greek bailout debate winds on

US stocks fall as Greek bailout debate winds on

NEW YORK (AP) — Stocks opened lower on Wall Street today, weighed down by disappointing news about January retail sales in the U.S. and continuing economic struggles in Europe.

The Dow Jones industrial average slid 45 points to 12,828 in the first hour of trading. Bank of America led the Dow lower with a decline of 3.3 percent. The Standard & Poor’s 500 fell 7 points to 1,345. The Nasdaq fell 13 points to 2,919.

The declines were broad. The only one of the 10 industry categories in the S&P 500 to rise was health care, which investors tend to buy when they’re being cautious. Financial companies fell the most, followed by materials makers.

A modest gain in retail sales last month didn’t get investors in a buying mood. The Commerce Department reported that U.S. retail sales edged up 0.4 percent last month, less than the 0.7 percent growth analysts had predicted.

The bigger problem was Europe, where Greece is still locked in a drawn-out battle over how to cut spending and restart growth. The debt-laden country has signed off on incremental agreements to rein in government spending, including the passage of spending cuts over the weekend despite widespread protests from citizens.