Stocks retreat as optimism about a Greek debt deal fades

NEW YORK – U.S. stocks are closing lower as progress remained elusive in talks between Greece and its lenders.

The losses Wednesday wiped out gains from earlier in the week, when investors were encouraged by new proposals from Greece.

The country faces a deadline next week for a big loan repayment.

The Dow Jones industrial average fell 178 points, or 1 percent, to 17,966 Wednesday.

The Standard & Poor’s 500 index lost 15 points, or 0.7 percent, to 2,108.

The Nasdaq composite decreased 37 points, or 0.7 percent, to 5,122.

Homebuilder Lennar rose 4 percent after the company reported results that beat analysts’ expectations. Other homebuilders also rose.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.37 percent.

This story was originally published June 24, 2015 at 4:38 PM with the headline "Stocks retreat as optimism about a Greek debt deal fades."