NEW YORK |
NEW YORK (Reuters) – Stocks edged lower on Monday as investors found little reason to extend a five-week rally on lingering uncertainty over whether Greece would accept the terms of a bailout.
Another deadline lapsed in Athens as political leaders failed to respond to bailout terms from the European Union and International Monetary Fund. Greece needs the funds by March in order to meet big debt repayments and avoid a messy default.
The SP’s recent rally had been helped by a run of better-than-expected U.S. economic data, which was capped by Friday’s solid employment report. Recent actions by central banks in Europe and the United States to maintain loose monetary policies have also helped reduce volatility in equity markets.
But the SP’s rise of 7 percent so far this year, along with worries over Europe’s ability to resolve its debt crisis and some weak corporate results, has kept many investors at bay.
“We’ve had an ultra-strong move, and I think it would be
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