US stocks set to slip on ongoing Greece fears

Ongoing fears about the possibility that Greece may soon default on its debt are weighing on Wall Street again Tuesday.

European finance ministers are looking at making banks take bigger losses on Greek debt, and they have delayed a vital aid payment to Athens until mid-November, setting up a crunch point in the region's sovereign debt crisis, according to Reuters.

?The economy is in a protracted slowdown, and until there?s a resolution with Greece, that situation will continue to linger over the market,? Robert Pavlik, chief market strategist at Banyan Partners LLC in New York, told the news wire. ?This could turn into a self-fulfilling prophecy of recession.?

U.S. stocks have fallen for the past two sessions and the broader market is on the brink of entering bear market territory as investors worry that the crisis in Europe could make a recession more likely in the United States, Reuters reports. The Dow Jones industrial average fell over 250 points Monday.

Adding to the gloom: Goldman Sachs has cut its outlook for gross domestic product for advanced economies for 2012, seeing growth of 1.3 percent instead of its previous expectation of 2.1 percent.

Later Tuesday, U.S. Federal Reserve Chairman Ben Bernanke will testify before the Joint Economic Committee in Washington, D.C., on the outlook for the economy. And data on durable goods and factory orders will be released at 10 a.m. ET.

Source: http://bottomline.msnbc.msn.com/_news/2011/10/04/8142567-us-stocks-set-to-slip-on-ongoing-greece-fears

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