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.