NEW YORK ( TheStreet) -- Stocks finished deep in the red Friday, as Greece's wobbly financial situation gave the dollar a lift against the euro.
The Dow Jones Industrial Average fell 100 points, or 0.8%, to settle at 12,596. The S&P 500 was lower by 11 points, or 0.8%, at 1338, and the Nasdaq Composite was off by 35 points, or 1%, at 2828.
Although gross domestic product in the eurozone grew by a better-than-expected 0.8% in the first quarter of 2011, concerns that Greece's budget deficit will surpass the limit set under its bailout terms pressured the euro.According to a European Commission statement quoted by Bloomberg, Greece's deficit is projected to be 9.5% of GDP in 2011, compared with the 7.4% target set by the European Union and the International Monetary Fund. On May 16, eurozone finance ministers will meet to discuss additional options for Greece. The euro fell 1% against the dollar and the dollar strengthened against a basket of currencies with the dollar index up 0.8%. Earlier, the FTSE in London declined 0.3%, and the DAX in Frankfurt shed 0.6%. Hong Kong's Hang Seng gained 0.9%, while Japan's Nikkei lost 0.7%. Financial, conglomerate and basic material stocks bore the brunt of declines. Travelers (TRV), JPMorgan Chase (JPM), Bank of America (BAC) and Caterpillar (CAT) were the Dow's biggest laggards. McDonald's (MCD) and Kraft Foods (KFT) were the only components that settled in positive territory. The Labor Department's
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV