NEW YORK (TheStreet) -- Stocks were pushed further into the red by late afternoon Wednesday after negotiations between Greece and its creditors stalled, once again.
The S&P 500 was down 0.64%, the Dow Jones Industrial Average fell 0.85%, or 153 points, and the Nasdaq slipped 0.70%. Each sector within the S&P 500 entered negative territory.
Industrial chemicals company DuPont (DD) was the worst performer on the Dow after JPMorgan and Credit Suisse issued pessimistic notes on the planned spinoff of its Chemours division. Analysts at JPMorgan said the spinoff would likely cause DuPont to lose roughly $978 million in operating income. DuPont shares fell 3.3%.
Greece's list of reforms submitted on Monday reportedly were rejected by eurozone leaders, according to Bloomberg. Creditors reportedly have returned a list of revised terms.
A special Eurogroup meeting will be held Wednesday with hopes to present a deal at the European Union Summit on Thursday. Talks have escalated as Greece faces a crucial repayment to the International Monetary Fund by the end of the month.
"The down-to-the-wire Greek negotiations are likely to have a positive result: an accord with Greece's creditors," said Peter Cardillo, chief market economist at Rockwell Global Capital. "With or without a default, the likelihood of a Greek exit from the euro is slim at best."
Facebook (FB) hit a record intraday high earlier in the session, climbing to $89.25. This marks the third straight session of gains for the social network. By mid-afternoon, shares were up 0.9% to $88.57.