Stocks Opened Sharply Lower Over China, Greece

U.S. stocks opened sharply lower on Wednesday as worries over China’s relentless selloff, Greece’s debt crisis and the coming Federal Reserve minutes weighed on investor sentiment. The Dow Jones Industrial Average lately dropped 184.59 points, or1.04%, to 17,592.32. The S&P 500 fell 20.16 points, or 0.97%, to 2,061.18. The Nasdaq Composite was down 56.90 points, or 1.14%, to 4,940.56.

Stock prices in mainland China fell sharply again on Wednesday, despite another series of government measures meant to restore confidence and stabilize a market that has grown increasingly turbulent in the last month.

Greece, running out of money and under a tight deadline from European leaders, on Wednesday requested a three-year loan from the eurozone’s bailout fund. Greece promised to implement pension and tax reforms as early as next week as the first step to securing a three-year rescue loan to cover debt obligations, according to a letter requesting the funding from European partners on Wednesday.

United Airlines computer systems were down Wednesday morning, delaying flights from airports across the United State. According to flight tracking website FlightAware, some 55 flights on the Chicago-based airline were delayed Wednesday morning.

Microsoft announced another round of layoffs on Wednesday, cutting up to 7,800 jobs. Most of the cuts are connected to the company’s phone. The company will also take an impairment charge of $7.6 billion related to its acquisition of Nokia’s handset business for more than $7 billion, along with a restructuring charge ranging between $750 million and $850 million.






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