Stocks, euro slip; caution ahead of more Greek talks

Fri Jun 26, 2015 5:40pm EDT
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By Caroline Valetkevitch

NEW YORK (Reuters) - World stock markets slipped and the euro fell on Friday, with investors cautious ahead of a meeting in Europe that could decide whether Greece will default on loans.

The S&P 500 ended nearly flat, though shares of U.S. chipmakers fell after a weak forecast from Micron Technology Inc (MU.O: Quote).

Greece rejected a five-month extension of bailouts on Friday, a day before euro zone finance ministers will meet to decide the country's fate.

The country needs new funding to avoid defaulting on a $1.8 billion debt repayment to the International Monetary Fund on June 30. If it defaults, it may have to leave the euro.

"If this issue gets resolved, then we're set up for a fairly decent market, but it could be that everything falls apart on the 30th," said James Meyer, chief investment officer at Tower Bridge Advisers in West Conshohocken, Pennsylvania. "Market valuation is high in an absolute sense."

The Dow Jones industrial average .DJI rose 56.66 points, or 0.32 percent, to 17,947.02, the S&P 500 .SPX lost 0.7 points, or 0.03 percent, to 2,101.61 and the Nasdaq Composite .IXIC dropped 31.69 points, or 0.62 percent, to 5,080.51.

The PHLX Semiconductor index fell 2.4 percent.

For the week, both the Dow and S&P 500 fell 0.4 percent while the Nasdaq fell 0.7 percent.   Continued...

A man walks under an electronic information board at the London Stock Exchange in the City of London January 2, 2013. REUTERS/Paul Hackett