Stocks Droped to Three-month Lows on Greek Worries

U.S. stocks dropped sharply on Monday, ending at their lowest levels in over three months, on the prospects of a euro-zone break-up. The Dow Jones Industrial Average fell 125.25 points, or 0.98%, to 12,695.35. The S&P 500 fell 15.04 points, or 1.11%, to 1,338.35. The Nasdaq Composite fell 31.24 points, or 1.06%, to 2,902.58.

Fears were growing Monday that Greece could soon be ousted from the euro zone in an increasingly likely confrontation with its international creditors, as the chances for an 11th- hour deal for a coalition government looked evermore remote.

Groupon Inc. reported better-than-expected revenue for its first quarter on Monday. For the quarter ended March 31, Groupon reported a net loss of $11.7 million, or 2 cents a share, compared with a net loss of $146.5 million or 48 cents a share for the same period last year.

The banker who ran J.P. Morgan Chase & Co.’s chief investment office, which incurred a trading loss of more than $2 billion, has decided to retire, becoming the first high-ranking casualty in a scandal that has dented the bank’s reputation and prompted fresh calls for tighter financial regulation.

Best Buy Co. said Monday that founder Richard Schulze will resign as chairman, after its investigation of former chief Brian Dunn found that Schulze acted “inappropriately” in failing to bring the allegations of Dunn’s personal misconduct to the board.

Crude-oil futures on Monday sank to their lowest since mid-December, hit by comments from Saudi Arabia’s oil minister, and an escalating political crisis in Greece pushing the dollar higher. Crude for June delivery lost $1.35, or 1.4%, to settle at $94.78 a barrel on the New York Mercantile Exchange.