BREAKING NEWS: Euro financial crisis looms

AP Business Writer

NEW YORK (AP) - Stocks are retreating for the third straight day on persistent worries about whether a Greek debt crisis will spread across Europe.

The euro again hit a 14-month low against the dollar, which is a sign that investors don't have confidence a Greek bailout will give Europe the long-term solution for its debt problems.

Stocks are also being dragged down by reports showing new claims for jobless benefits fell less than expected. Productivity jumped more than forecast, but that was due in part to a drop in labor costs. Retailers also are reporting mixed April sales results.

The Dow Jones industrial average is down 23.66, or 0.2 percent, at 10,844.46. The Standard&Poor's 500 index is down 3.15, or 0.3 percent, at 1,162.75, while the Nasdaq composite index is down 11.48, or 0.5 percent, at 2,390.81.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.