Wall St. falls; European shares rise on optimism over Greece

Mon Apr 27, 2015 4:41pm EDT
 
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By Sam Forgione

NEW YORK (Reuters) - Wall Street shares fell on Monday, dragged lower by biotech and healthcare stocks, while European shares and the euro advanced on optimism over talks between Greece and its lenders after Greece reshuffled its negotiating team.

The Nasdaq Biotech Index and the S&P Healthcare index posted their biggest daily percentage losses in about a month, after disappointing news from several companies including Amgen. The biotech index shed 4.1 percent and the healthcare index lost 1.8 percent.

The benchmark S&P 500 index hit a record intraday high before reversing course to close lower.

MSCI's all-country world stock index also touched an intraday record high.

European shares closed up about 1 percent after Greek Prime Minister Alexis Tsipras reshuffled the team handling the talks with European and International Monetary Fund lenders. Concerns over Greece have mounted since the country looks set to run out of cash in coming weeks.

"At the margin, this increases the hope for some positive developments from the Greece-EU debt negotiations," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.

Market participants awaited the release of Apple's quarterly results after the close of U.S. trading. Apple, the most valuable publicly traded U.S. company, closed up 1.8 percent at $132.65.

Apple reported a 27 percent jump in quarterly revenue and said it raised its share repurchase program by $50 billion.   Continued...

 
Traders work on the floor of the New York Stock Exchange April 17, 2015. REUTERS/Brendan McDermid