NEW YORK (AP) - Stocks retreated Wednesday, erasing all of the week's earlier gains, as negotiations between Greece and its creditors seemed no closer to reaching a resolution.
The Dow Jones industrial average lost 178 points, or 1 percent, to 17,966.07. The Standard & Poor's 500 index lost 15.62 points, or 0.7 percent, to 2,108.58 and the Nasdaq composite lost 37.68 points, or 0.7 percent, to 5,122.41.
Investors had been hopeful earlier in the week that the Greece problem was reaching the finish line, but those hopes diminished as Wednesday wore on. European finance ministers cut short a meeting on Greece's proposals, citing major policy differences. They plan to meet again Thursday. Greek stocks fell 2 percent.
Greece needs an agreement by June 30, when a key debt payment is due to the IMF. In a worst-case scenario, a Greek default could potentially lead to Greece abandoning the euro.