US stocks open lower despite Greek debt deal

US stocks bounced in a narrow range in early trade Tuesday, uninspired by Greece's securing a revised bailout deal that will again help it avert a default on its huge debt load.

European markets closed higher on the deal, which allows Athens to trim its debt load through bond buybacks and reduced rates and promises new rescue loan installments of 43.7 billion euros ($57 billion) through March.

But US traders were less impressed.

At 11:00 am (1600 GMT), the Dow Jones Industrial Average was down 33.18 points (0.26 percent) at 12,934.19.

The broad-market S&P 500 lost 2.59 (0.18 percent) at 1,403.70, while the Nasdaq Composite slipped 4.27 (0.14 percent) to 2,972.51.

Doubts remained about Greece's deal, with critics saying the European Union and the International Monetary Fund had again "kicked the can down the road" with the new arrangement.

"We think that Greece will eventually need a much larger debt relief, but any agreement on this is unlikely to happen before German elections next fall," said Tullia Bucco of UniCredit Research.

Trade was heavy in food manufacturer Ralcorp Holdings, which surged 26.3 percent after ConAgra Foods set a deal to buy it for $6.8 billion, including assuming Ralcorp debt. ConAgra gained 3.9 percent.

Casino operator Las Vegas Sands rose 4.4 percent after it announced a special dividend to be paid before year-end, aiming to avoid higher dividend taxes that will likely result from deficit-slashing negotiations under way in Washington.

On the Nasdaq, Research in Motion, the BlackBerry maker, lost 6.5 percent despite an upgrade from CIBC World Markets.

Apple shares fell 0.9 percent after Monday's 3.2 percent gain.

Bond prices rose slightly. The 10-year US Treasury yield dropped to 1.65 percent from 1.66 percent Monday, and the 30-year fell to 2.79 percent from 2.80 percent.

Bond prices and yields move inversely.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2522-0.0001-0.01%
    USDSGD=X
    1.7295-0.0007-0.04%
    EURSGD=X
    2.1028-0.0013-0.06%
    GBPSGD=X
    81.9804+0.1981+0.24%
    SGDJPY=X
    6.1922+0.00020.00%
    SGDHKD=X
    2.5901+0.0046+0.18%
    SGDMYR=X
    9,119.5850+0.7227+0.01%
    SGDIDR=X
    4.9718+0.0014+0.03%
    SGDCNY=X
    1.1672-0.0015-0.13%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,294.00-7.90-0.61%
    GCQ14.CMX
    19.60+0.02+0.08%
    SIK14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.05+0.02+0.51%
    HGK14.CMX
    104.30+0.83+0.80%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.73+0.08
    ^FVX
    2.72+0.08
    ^TNX
    3.52+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.116+0.001+0.87%
    B22.SI
    0.129+0.004+3.20%
    545.SI
    2.190.0000.00%
    JS8.SI
    1.27+0.015+1.20%
    N21.SI
    1.33+0.015+1.14%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.26+0.045+20.93%
    5UE.SI
    0.745+0.050+7.19%
    L02.SI
    0.16+0.010+6.67%
    A03.SI
    0.485+0.020+4.30%
    5UL.SI
    1.37+0.070+5.38%
    U5S.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    26.61-0.960-3.48%
    HD9.SI
    0.565-0.025-4.24%
    G08.SI
    0.275-0.005-1.79%
    M1Z.SI
    0.28-0.005-1.75%
    B69.SI
    0.3050.0000.00%
    L28.SI