NEW YORK (AP) - Stocks in the U.S. fell broadly in afternoon trading Monday following sharper drops in Europe and Asia as Greeks voted to reject the spending cuts and tax increases demanded by its creditors for additional loans.
U.S. government bond prices rose as investors sought safe places to park money. A rout in the stocks of oil drillers and other energy companies also fed the selling. The price of oil plunged 7.7 percent.
In Sunday's referendum on creditor proposals, 61 percent of Greeks voted "no," a much higher proportion than anticipated.
The market declines were not as steep as many had feared, something analysts credited to the resignation of the Greek finance minister, which might help bailout talks resume.
The Dow Jones industrial average fell 98 points, or 0.6 percent, to 17,632 as of 3:12 p.m. Eastern time. The Standard & Poor's 500 index gave up 14 points, or 0.7 percent, to 2,062. The Nasdaq composite fell 35 points, or 0.7 percent, to 4,974. All 10 sectors of the S&P 500 fell, led by a 1.4 percent drop in energy stocks. The U.S. market is coming off its sharpest weekly decline in three months.
In Europe, Germany's DAX fell 1.5 percent while the CAC-40 in France fell 2 percent. The FTSE 100 index of leading British shares was 0.8 percent lower.