New York- U.S. stocks fell today, pressured by concern over euro zone stability and its potential impact on U.S. corporate results and by domestic economic growth data.
U.S. economic growth slowed sharply in the fourth quarter as weak business spending and a wider trade deficit offset the fastest pace of consumer spending since 2006.
Adding to concerns, Greece's finance minister said the government would not cooperate with the European Union and International Monetary Fund mission bankrolling the country and would not seek an extension to the bailout program.
"The equity market is trying to deal with all the uncertainty around the world; today Greece is on everyone’s mind," said Paul Zemsky, chief investment officer of Multi-Asset Strategies and Solutions at Voya Investment Management in New York. He said that while sluggish growth in the fourth quarter was disappointing, consumer spending was a bright spot.
"Consumers are not worried about the outlook on the U.S. economy," he said. Separate data showed U.S. consumer sentiment rose in January to its highest in 11 years on better job and wage prospects.
That confidence appeared to be reflected in some corporate results. Amazon (AMZN.O) shares jumped 11.4 percent after posting earnings that beat Wall Street expectations on strong sales during the holiday season.