(Open): US shares fell sharply on Friday, dragged down by continuing fears of a Greek default and of China clamping down on speculative trading.
No stocks grained ground on the Dow. The biggest loser was American Express.
The financial giant fell 5.1% after reporting quarterly revenues that were lower than expected.
Concerns about Greece’s finances were addressed by President Barack Obama at a joint press conference with Italian Prime Minister Matteo Renzi at the White House.
“Greece needs to initiate reforms,” he said.
“They have to collect taxes. They have to reduce their bureaucracy and [introduce] more flexible labour practices.”