Continuing Greek drama slows markets
NEW YORK — Stocks halted their steady climb yesterday after renewed concerns about Greece's ability to pay its debts left investors questioning a global economic recovery. Greece said it might need to turn to the International Monetary Fund for support if European leaders can't agree on a bailout plan. Worries about the country's ability to handle its debt load have set off periodic bouts of stock selling over the past two months.
Investors also were cautious after India's central bank raised interest rates to combat rising prices, prompting concern that central banks in other countries would follow suit. Reports in the U.S. during the week signaled that inflation is minimal.
Stocks in the U.S. have been rising since a January-February slump. Investors are encouraged that the economy is getting better, even if it's at a slow pace.