Stocks Down on Greece, Fed Minutes

U.S. stocks closed lower on Wednesday as investors worried about Greece’s future as a member of the euro zone and minutes from the Federal Reserve’s April meeting showed U.S. economic prospects remain sobering. Down for a 10th out of the last 11 sessions, the Dow industrials fell 33.45 points, or 0.26%, to 12,598.55, its lowest close since January. The S&P 500 Index declined 5.86 points, or 0.44%, to 1,324.80. The Nasdaq Composite shed 19.72 points, or 0.68%, to 2,874.04.

The European Central Bank stopped funding operations for some Greek banks as they are undercapitalized, the ECB said, confirming a Reuters report that fanned concerns about Greece’s financial difficulties.

Federal Reserve officials weren’t confident in recent indicators to upgrade their description of the economy as “several” say more easing could be needed if momentum slows, according to minutes released by the central bank Wednesday.

Crude-oil futures on Wednesday ended at their lowest since November as concerns about Greece and the euro zone kept their grip on the market. Oil for June delivery ended the day off $1.17, or 1.2%, to $92.81 a barrel on the New York Mercantile Exchange.

Strong demand has allowed several early investors in Facebook to add more shares to the company’s pending initial public offering, bringing the total value of the IPO to about $16 billion.

Limited Brands (NYSE:LTD)  is forecast to report earnings of 40 cents a share for its first quarter, with the projection produced by a Thomson Reuters poll of analysts. Revenue at the company, whose stores include Victoria’s Secret, Bath & Body Works and Henri Bendel,is expected to slip 3% to $2.15 billion.

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