Greek drama weighs on sentiment; yen off, euro up

Thu May 28, 2015 5:24pm EDT
 
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By Rodrigo Campos

NEW YORK (Reuters) - The euro rose on Thursday as Greece fought to reach an agreement with its lenders to avoid an imminent default, but mixed signals on the state of the negotiations kept other markets little changed.

Crude oil futures rose in choppy trade after two days of sharp losses after data showed a fourth weekly drawdown in U.S. crude stockpiles.

Creditors said progress in talks with Greece was too slow and a deal was still out of reach, a euro zone official told Reuters. But Greece's government said it intends to reach an agreement with its lenders by Sunday.

"Everybody is coming out with a different story. I'm looking for an EU-endorsed comment rather than something coming from Greece to be sort of the final arbiter on what the sentiment really is with regard to a resolution," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia, which manages about $67 billion in assets.

Stocks closed slightly lower on Wall Street, cutting previous losses. S&P 500 e-mini futures turned positive shortly after the cash market close.

At the closing bell in New York, the Dow Jones industrial average .DJI was down 36.87 points, or 0.2 percent, to 18,126.12, the S&P 500 .SPX had lost 2.69 points, or 0.13 percent, to 2,120.79 and the Nasdaq Composite .IXIC had dropped 8.62 points, or 0.17 percent, to 5,097.98.

Nikkei futures NKc1 fell 0.3 percent after 10 straight sessions of gains on the Tokyo index .N225. Earlier, the pan-European FTSEurofirst 300 index .FTEU3 fell 0.5 percent.

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A U.S. one-hundred dollar bill (C) and Japanese 10,000 yen notes are spread in Tokyo, in this February 28, 2013 picture illustration. REUTERS/Shohei Miyano