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10B Daily News – Tuesday, May 15, 2012 NEW YORK (AP) — A political stalemate in Greece rattled financial markets worldwide on Monday, dri- ving U.S. stocks lower. The euro sank to a three- month low against the dollar and borrowing costs for Spain and Italy jumped as bond traders anticipated that financial stress could spread far beyond Greece. Investors dumped risky assets and plowed into the safety of the Treasury mar- ket, pushing yields to their lowest levels this year. The Dow Jones industri- Stocks, euro drop as deadlock continues in Greece Wall Street worries resurface about Europe and the strength of the U.S. economy. al average dropped 125.25 points to close at 12,695.35. The Dow has lost more than half of its gains for the year in the past two weeks as NEW YORK (AP) — President Barack Obama on Monday defended his view that gay couples should $5 off In Athens, talks between political parties to form a government dragged into a second week. The uncer- tainty has raised concerns that Greece could miss a debt payment and drop the euro currency. The worry is that if Greece leaves the cur- rency union, bond traders may demand steeper bor- rowing rates from other troubled countries and push them deeper into debt. The turmoil could easily spread to the U.S. through the banking system. ''The have the right to marry, say- ing that the country has never gone wrong when it ''expanded rights and large banks are globally connected,'' said Guy LeBas, chief fixed income strategist at Janney Mont- gomery Scott. ''The con- crete fear is that if Greece exits the euro, that would hurt European banks. They'll pull back lending to U.S. banks and then they'd be in worse shape.'' In other trading, the Standard & Poor's 500 index dropped 15.04 points to 1,338.35. The Nasdaq composite sank 31.24 points to 2,902.58. the market. All 10 of the industry groups within the S&P 500 fell. JPMorgan Chase's $2 billion trading loss contin- The losses swept across responsibilities to every- body.'' ''That doesn't weaken families. That strengthens ued to hang over bank stocks. JPMorgan dropped 3 percent following news that the executive overseeing its trading strategy would step down. Morgan Stanley and Citigroup, two banks with large trading operations, sank more than 4 percent. The loss to JPMorgan appears ''manageable,'' said Matt Freund, a portfolio manager at USAA Invest- ments. ''But people are looking at other banks and wondering who's going to be next? What else could be lurking?'' Major markets in Europe plunged. France's CAC-40 and Germany's DAX lost 2 percent. Benchmark indexes fell nearly 3 percent in Italy families,'' he told gay and lesbian supporters and oth- ers at a fundraiser hosted by singer Ricky Martin and the LGBT Leadership Council. ''It's the right thing to do.'' The remarks were his first to such an audience Signature Service® Oil Change 190 S. 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Since hitting its high for the year on May 1, the Dow has been on a steady slide, closing lower on seven of the previous eight trading days. The Dow's 1.7 percent loss last week was its worst since Dec. 16. Despite the broad market decline, some stocks posted gains: — Chesapeake Energy Corp. jumped 4 percent on reports that the investor Carl Icahn bought a stake in the since he announced his per- sonal support for same-sex marriage last week. They came on a day that Obama was making a targeted appeal to three core voting blocs — women, young people, and gays and les- bians. He gave a com- mencement address to Barnard College, a women's college, and taped an interview on ''The View,'' a popular day-time talk show aimed at women. Democrats hope natural gas company. Chesapeake's CEO said he'd welcome an investment by Icahn, who is known for shaking up companies. — Yahoo gained 2 per- cent. The company replaced its CEO, Scott Thompson. Yahoo report- edly pushed Thompson out for padding his resume. — Electronics retailer Best Buy Co. rose 1 per- cent after the company's founder, Richard Schulze, said he would step down as chairman. An investi- gation found that he knew the CEO was having a relationship with a female employee and didn't tell an audit committee. Obama defends stance on gay marriage: 'Right thing to do' Obama's politically risky embrace of gay marriage will re-energize supporters who had been frustrated by his previous assertions that his views on the hot-button MON.-FRI. 8AM-6PM SAT. 8AM-5PM social issue were ''evolv- ing.'' Women, young people and gay voters all made up crucial voting blocs for Obama in the 2008 election. With the president locked in a close race with Republi- can rival Mitt Romney, his campaign is focused on ral- lying support among those groups once again. 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