Markets close near lows after Greek talks fail $DXc1

US stocks ended the session weaker to extend recent losses after Greek politicians failed to form a new government after recent elections. Greece will now more than likely hold new elections with markets concerned that a newly elected government may reject the recent bailout conditions
Although the EU crisis is deepening the EU avoided a second recession in as many years after German GDP rose more than expected. The economy grew 0.5%, beating the consensus of a 0.2% contraction
There was some encouraging US economic data overnight with the Empire Manufacturing Index increasing to 17.09 from 6.6 in the last month. Retail Sales rose 0.1% which came in slightly less than expected
The S&P500 fell for the third day in a row with the index now down more than 6% from the highs seen in April
Cosmetics giant Avon fell 9.7% after Coty Inc withdrew their takeover offer. Chesapeake Energy also fell 7.8% after a broker downgrade
DOW -0.50%, S&P500 –0.57%, NASDAQ –0.30%
US Dollar Index rallied for a record 12th day in a row on Greek concerns
Gold was off slightly and Crude fell 0.8% on expected higher inventories