NEW YORK (TheStreet) -- Stocks closed lower on Monday after struggling throughout the day to stay in positive territory amid uncertainty over another bailout for Greece and concerns over a bond market sell off.
The S&P 500 was down 0.51%, the Dow Jones Industrial Average was down 0.47%, while the Nasdaq fell 0.20%.
Worldwide markets were reacting to a slew of global economic news. China cut interest rates on Sunday for the third time in six months by 0.25 percentage points over fears that an economic slowdown would be worse than expected. The Wall Street Journal reported that Chinese officials are "growing more fearful that the mountain of debt from the rapid expansion of credit over the past few years is weighing on efforts to pick up the world's second-largest economy."
Elsewhere, the hope for another Greek bailout is getting dimmer. The country is struggling to make debt repayments and after several months of talks with its European creditors, Greece has "failed to agree on further reforms and savings Athens needs to quality for a 7.2 billion euro ($8 billion) loan installment," according to the Associated Press. Greece is expected to make a 770 million euro (approximately $860 million) repayment to the International Monetary Fund on Tuesday "but only after scraping together enough reserves from local governments and state entities like hospitals," the AP said.
On Monday afternoon, a top Eurozone official said that while progress had been made with creditors, "more time and effort" are needed to reach a deal.
Also, the Bank of England made no changes to monetary policy on Monday, keeping its lending rate at 0.5%, a level maintained since March 2009.
Treasuries plummeted Monday, erasing gains made on Friday following an in-line jobs report.
European and Asian markets were mixed on Monday. China's Shanghai Composite surged 3.04% on Monday. The FTSE 100 closed down 0.24%; Germany's DAX was down 0.31%.
U.S. stocks on Friday ended higher for the week as Wall Street applauded the April jobs numbers, which came in at 223,000, in line with expectations.
West Texas Intermediate crude oil fell 0.44% on Monday to $59.13 a barrel. Rosetta Resources (ROSE) shares spiked 27% after Noble Energy (NBL) said it would acquire the energy company for $2.1 billion in an all-stock transaction. Shares of Noble Energy were down 6.2%. Shares of Exxon Mobil (XOM) were down 1.7%; Chevron (CVX) was down 1.2%; and BP (BP) shares fell slightly. Royal Dutch Shell (RDS.A) ended the day slightly in the black. The U.S. government conditionally approved Shell's plan to drill in the Arctic Ocean this summer, one of the company's biggest obstacles to overcome before it could explore for oil and natural gas in the region.
Elsewhere, in corporate news:
Dean Foods (DF) shares jumped 6.5% after the dairy company reported better-than-expected first-quarter adjusted profit since it did not pass on falling milk prices to consumers. Dean Foods reported adjusted earnings of 24 cents a share for the March-ended quarter. Analysts, according to Thomson Reuters, expected the company to post earnings of 18 cents. The loss in the quarter was $74 million, or 78 cents a share, compared to a loss of $9 million, or 9 cents, in the year-earlier quarter. The company forecast second-quarter adjusted earnings between 20 cents and 30 cents a share.
Dish Network (DISH) shares were down 0.70% on Monday. The media company reported revenue slightly higher to $3.7 billion compared to $3.6 billion in the year-earlier quarter. Still gross Pay-TV subscriber activation fell to 554,000 from 639,000. Dish said net Pay-TV subscribers fell 134,000 in the first quarter.
Zulily (ZU) shares surged 5.2% after Chinese e-commerce giant Alibaba (BABA) boosted its stake in the U.S. online retailer to 9.3%. Alibaba's stake was worth $152.9 million as of Friday's market close.
Plug Power (PLUG) shares jumped 4.5% even after the fuel-cell maker reported a first-quarter adjusted loss of $12.8 million, or 7 cents a share, compared to a year-earlier loss o $7.5 million, or 6 cents. The latest quarter missed analysts' expectations. Net loss attributable to shareholders was $11.1 million, or 6 cents a share. Revenue rose 69% to $9.4 million from $5.6 million a year earlier.
Etsy (ETSY)shares tanked 8% after analysts issued cautious stock ratings on the online retailer, known for its handmade goods sold by independent retailers. One analyst believes "questionable seller practices" will lead to "increased scrutiny" over counterfeit goods being sold. The e-retailer went public last month.