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1st LD Writethru: U.S. stocks decline after Greek vote

Xinhua, July 7, 2015 Adjust font size:

U.S. stocks closed lower on Monday as Wall Street sentiment was weighed on after Greeks rejected creditors' bailout proposals in a referendum carried out across Greece Sunday.

The Dow Jones Industrial Average fell 46.53 points, or 0.26 percent, to 17,683.58. The S&P 500 lost 8.02 points, or 0.39 percent, to 2,068.76. The Nasdaq Composite Index was down 17.27 points, or 0.34 percent, to 4,991.94.

In Sunday's 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 increases 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.

Greece appointed Euclid Tsakalotos, the deputy foreign minister of international economic affairs and chief coordinator of the country's negotiating team over a debt deal with lenders, as the new finance minister on Monday, an official announcement said.

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

European shares finished sharply lower following Greece news on Monday, with French benchmark index CAC 40 dropping 2.01 percent.

In Asia, Chinese equities showed signs of stabilization on Monday as China tried to underpin a stock market plagued by repeated plunges, with the Shanghai Composite Index rising 2.41 percent.

On the economic front, the Non-Manufacturing Index registered 56.0 percent in June, 0.3 percentage point higher than the May reading of 55.7 percent, in line with market consensus, said the Institute Supply Management in its monthly survey Monday.

"The ISM non-manufacturing index has remained solidly in expansionary territory (above 50) but has softened, with the 2015 average at 56.6 compared to the second half of 2014 average of 57. 8," said Sophia Kearney-Lederman, an economic analyst at FTN Financial, in a note. Endite