US STOCKS-Wall St to slip at open after Dow, S&P hit records

Mon Feb 23, 2015 8:58am EST
 
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* Futures: Dow off 39 pts, S&P off 4 pts, Nasdaq up 0.5 pt (Adds quote, updates prices)

By Chuck Mikolajczak

NEW YORK, Feb 23 (Reuters) - U.S. stocks were poised to open modestly lower on Monday, after the Dow and S&P closed at records on the heels of an agreement by euro zone finance ministers to extend Greece's bailout by four months provided it draws up a list of reforms.

Greece will present its economic reform plans on Monday to seal the euro zone financial lifeline, but the government drew criticism from a veteran leftist and ruling party member that the deal let voters down. The deal is conditional on Greece's European and IMF creditors accepting the reform list.

"In spite of Germany taking a hard line, the proposals will most likely be accepted by the EU and the reason for that is simply Greece cannot afford to depart from the euro zone, not because Greece is a big economy, but from a psychological standpoint," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

"The EU does not want Greece to leave, because if (it does), it sets a precedent and opens up a new can of worms - who would be next?"   Continued...