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Stocks open down 1% as Greece struggles to form government

May 14, 2012|By Andrew Tangel
  • The New York Stock Exchange.
The New York Stock Exchange. (Michael Nagle / Bloomberg…)

U.S. stock markets began the week down about 1% as Greece struggled to form a government following recent elections that have cast more doubt on Europe's ability to resolve its debt crisis.

The Dow Jones industrial average was down 112 points, or 0.9%, to 12,701 following the opening bell on Wall Street.

The broader Standard & Poor's 500 index was down 15 points, or 1.1%, to 1,339 in early trading.

The technology-heavy Nasdaq was down 26 points, or 0.9%, to 2,907.

Wall Street's rocky start came as concern over Greek politics sent European markets sharply lower, with major indexes down about 2%.

Voters in Greece and France recently rebuked parties that have supported austerity measures that have led to sharp cuts in government spending.

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