U.S. stocks dropped Friday morning, with the Dow Jones Industrial Average briefly tumbling more than 100 points, as global fears mount over the eurozone’s confrontation with Greece, with a key meeting in progress. The tense deliberations are igniting concerns about a possible Greek exit from the 19-member eurozone.
In early trading, the Dow Jones Industrial Average, which measures the share prices of 30 large industrial companies, fell 67.50 points, or 0.38 percent, to 17,918.27, and the S&P 500 stock index lost 8.06 points, or 0.39 percent, to 2,089.24. The Nasdaq Composite fell 9.78 points, or 0.20 percent, to 4,914.94.
Germany surprised the global financial markets Thursday when it rejected the Greek government’s request for a six-month assistance package, rather than a six-month extension of its current bailout program, which would come with austerity and reform conditions that the new Greek government rejects.
The decision comes as time is running out on Greece’s current bailout program, which expires Feb. 28. However, newly elected Prime Minister Alexis Tsipras said Friday he is “certain” eurozone finance ministers will accept the deal.