US markets

Stocks dropped Monday for a fourth straight day, as concerns about an economic slowdown continued to weigh on investor sentiment. The Dow Jones Industrial Average fell 61.30 points, or 0.50%, to 12089.96, led lower by Bank of America, which shed 45 cents, or 4%, to $10.83, and J.P. Morgan Chase, which dropped 1.04, or 2.5%, to 40.53. The blue-chip index has shed 479.83 points over the past four sessions for its largest four-day point drop since May last year. The Standard & Poor's 500-stock index lost 13.99 points to 1286.17 as financials and energy sank, with all sectors finishing in the red. The technology-oriented Nasdaq Composite lost 30.22 points to 2702.56. Investors trained their economic-growth worries on financial stocks amid concerns a stalled economic recovery could make it harder for banks to work troubled loans off their balance sheets.

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Financials have been the worst-performing sector month to date, down 5.9%. Volume was light, with about 3.5 billion shares changing hands in New York Stock Exchange composite volume. Average NYSE composite trading volume in June had been just under four billion shares prior to Monday, compared with 5.25 billion shares in June 2010. United Technologies helped keep the Dow's declines in check, rising 47 cents, or 0.6%, to 83.71, while Intel gained 10 cents, or 0.5%, to 21.83. In corporate news, Apple unveiled the latest version of the operating system that powers its Macintosh computer product. Apple's stock shed 5.40, or 1.6%, to 338.04. Gen-Probe shed 10.35, or 13%, to 71.41, after the Wall Street Journal reported that most bidders have dropped out of the nearly concluded auction for the U.S. medical diagnostic-testing company.

European markets

European stocks declined Monday for a fourth straight session as Greece's debt situation kept investors on edge. The Stoxx Europe 600 index slipped 0.6% to 272.16. France's CAC-40 index ended down 0.7% at 3863.40, and Germany's DAX fell 0.3% to 7084.57. The U.K.'s FTSE 100 index, however, added 0.1% to 55863.16, helped by a rise in resource shares on higher commodity prices. Financial stocks were among the weakest sectors, on declines in banks seen as having significant exposure to Greece and in lenders in weaker euro-zone economies. Credit Agricole fell 2.5% and Societe Generale dropped 2% in Paris. Greece's talks with the European Union and the International Monetary Fund concluded positively Friday, with euro-zone governments reaching a tentative deal on a new financing package for Greece. However, the German government said Monday that it is still waiting for the detailed review from the European Commission, the European Central Bank and the IMF on the Greek rescue program before the green light is given to fresh aid. Investors worried that there is no guarantee that all members of the EU will sign off on this new deal for Greece. In Athens, the ASE Composite index dropped 0.8% to 1323.27, including a 2.3% fall for National Bank of Greece. Banco Bilbao Vizcaya Argentaria dropped 2.7% in Madrid, leading the Spanish IBEX 35 index down 1.2% to 10157.70. Italy's FTSE MIB index dropped 1.4% to 20525.04, as UBI Banca sank 4% and Intesa Sanpaolo fell 3%. Portugal's PSI General index dropped 1% to 2808.01 after a weekend election that saw the Social Democratic Party rise to power. Shares of Banco Comercial Portugues sank 3.3%. Germany's Bayer rose 1.5% after it said a Phase III trial for Alpharadin on patients with prostate cancer met the primary endpoint of significantly improving overall survival. Most other pharmaceutical shares also rose. Merck gained 1.1%. Airline stocks were lower after the International Air Transport Association slashed its forecast for industrywide profit this year, citing falling demand as airlines raise fares to counter higher fuel costs. Deutsche Lufthansa fell 1%, Air France-KLM dropped 1.4% and International Consolidated Airlines Group fell 3%.

Asian markets

Asian share markets fell Monday, pressured by last week's disappointing U.S. economic data, while a plunge in Tepco shares following a report of a massive fiscal year loss added to the drag in Tokyo. Japan's Nikkei Stock Average closed down 1.2% at 9830.35 and Singapore's Straits Times Index fell 1% to 3113.73. India's Sensex went the other way, gaining 0.2% to 18420.11. Stock markets in Hong Kong, Seoul, Shanghai, Taipei and Wellington were all closed for holidays. Tepco plunged 28%, going limit-down. after Kyodo News reported that the firm will post a net loss of 570 billion yen ($7.1 billion) in fiscal 2012, excluding compensation payments for the Fukushima Daiichi nuclear disaster. According to the report, the losses will be a consequence of an Y830 billion increase in fuel costs due to the closure of the Fukushima Daiichi power station. Other power companies were also lower in Tokyo, with Kansai Electric Power down 8.9% and Chubu Electric Power down 8.9%. Banks also weakened, as investors fretted about exposure to Tepco debt, with Mizuho Financial Group down 0.8% and Sumitomo Mitsui Financial Group down 1.9%. In the technology sector, Sony shares were down 3.2% after news of yet another cyberattack. In other markets, Manila shares gained 1.4%, while Indonesia fell 0.3% and Malaysia dropped 0.5%.

Base metals

Copper closed higher on the London Metal Exchange Monday, supported by supply disruptions at Chile's El Teniente mine, the world's largest underground copper operation. Chilean state miner Corporacion Nacional del Cobre de Chile, or Codelco, is running the mine which produces about 400,000 metric tons of copper a year at just 40% capacity after a violent strike by subcontractors. LME three month copper closed the session up 0.4% at $9,130/ton. Other base metals closed mostly higher as well. LME three-month aluminum was one of the stronger performers of the session, closing up 1.1% at $2,664/ton. Crude-oil futures dropped 1.3% Monday to settle below $100 a barrel as traders expect the Organization of Petroleum Exporting Countries to lift output at talks beginning Wednesday. All eyes are on Vienna, where OPEC is meeting against the backdrop of triple digit oil prices and pressure from consumer countries to increase supplies. Delegates said OPEC may at least consider raising its outdated production ceiling, in place since 2008, to legitimize 1.5 million barrels a day of output above the agreed level. Light, sweet crude oil for July delivery on the New York Mercantile Exchange settled at $99.01 a barrel, down $1.21. That is the first settlement below $100 since May 24 and the lowest price since May 21. ICE Brent crude for July delivery settled 1.2%, or $1.36 lower, at $114.48 a barrel, the lowest price since May 24. Gold led precious metals higher on growing fears about economic recovery in the U.S. and a sovereign-debt crisis in Europe. The yellow metal edged toward record territory, settling just $11 shy of the all time record settlement price of $1,557.10 as concern about two of the world's largest economic blocs, Europe and the U.S., dominated trader attention. The front-month gold contract, for June delivery, settled $4.80 higher, or 0.3%, at $1,546.50 a troy ounce on the Comex division of the New York Mercantile Exchange. The most actively traded contract, for August delivery, ended up $4.80, or 0.3%, at $1,547.20 a troy ounce.

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