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1st LD Writethru: U.S. stocks retreat on renewed Greece concerns

Xinhua, May 29, 2015 Adjust font size:

U.S. stocks pared part of early losses to end mildly lower on Thursday, as Wall Street pondered over impacts of renewed worries about Greece debt crisis.

The Dow Jones Industrial Average dipped 36.87 points, or 0.20 percent, to 18,126.12. The S&P 500 decreased 2.69 points, or 0.13 percent, to 2,120.79. The Nasdaq Composite Index lost 8.62 points, or 0.17 percent, to 5,097.98.

Greek Prime Minister Alexis Tsipras expressed optimism Wednesday that Greece and its creditors were close to reaching a deal on the future handling of the Greek debt crisis after four months of tough negotiations.

However, European officials on Thursday denied a deal was near, saying the two sides still had some way to go before any agreement could be concluded and they were surprised by Athens' upbeat tone.

On June 5 Greece needs to repay a 300-million-euro-loan installment to the International Monetary Fund, after paying pensions and salaries to public servants this week.

European shares largely declined on Thursday as Greek hopes faded, with German benchmark DAX index at the Frankfurt Stock Exchange falling 0.79 percent.

In Asia, Chinese Shanghai Composite Index plummeted 6.5 percent Thursday on profit taking and liquidity concerns after eight consecutive days of strong gains.

On the economic front, in the week ending May 23, the advance figure for seasonally adjusted initial jobless claims was 282,000, an increase of 7,000 from the previous week's revised level, exceeding market consensus, the U.S. Labor Department said Thursday.

Meanwhile, the U.S. Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 3.4 percent to 112. 4 in April, its highest level since May 2006, reported the National Association of Realtors Thursday.

In corporate news, Costco reported quarterly earnings of 1.17 U. S. dollar per diluted share, above estimates, though revenue and comparable store sales were below forecasts. Analysts said the warehouse retailer faced headwinds from lower gas prices and a stronger dollar. Its shares fell 0.80 percent to 144.26 dollars apiece Thursday.

U.S. stocks rebounded strongly on Wednesday, with the Nasdaq setting its third closing record for 2015. Endite