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U.S. stocks mildly lower on Greek debt crisis

Xinhua, July 7, 2015 Adjust font size:

U.S. stocks traded mildly lower on Monday, following declines overseas, after Greece rejected debt bailout terms.

At midday, the Dow Jones Industrial Average shed 40.28 points, or 0.23 percent, to 17,689.83. The S&P 500 was down 5.47 points, or 0.26 percent, to 2,071.31. The Nasdaq Composite Index lost 14. 31 points, or 0.29 percent, to 4,994.90.

In a Sunday referendum, more than 61 percent of Greeks voted " no", rejecting a proposal from international creditors that included pension cuts, tax increases and other measures. Analysts said the "no" vote increase the likelihood that Greece may eventually exit the eurozone.

Following the vote, Greek Finance Minister Yanis Varoufakis resigned on Monday. The reason he cited was a preference by his countries' creditors of not having him in future negotiations.

Stocks in Europe fell on Monday. The Stoxx Europe 600 lost 1 percent, while Germany's DAX dropped 1.6 percent.

Finance ministers from euro zone countries are expecting new proposals from Greece in Tuesday talks, Eurogroup said in a statement on Monday.

U.S. economic data out Monday includes the Institute for Supply Management's June service sector survey, which hit 56.0 in June, slightly below market's estimate.

U.S. stocks reversed early gains to end modestly lower Thursday as investors were digesting weaker-than-expected jobs data. The stocks market closed Friday for the Independence Day holiday. Endite