MARKET SNAPSHOT: U.S. Stocks Down On Greece

By Kate Gibson, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks opened sharply lower on Monday after reports Greece would not accept supervision of its budget decisions as a condition of receiving financial aid.

"The failing of Greek debt restructuring talks at this late hour would be a disappointment," said Bill Stone, chief investment strategist at PNC Asset Management Group.

The Dow Jones Industrial Average (DJI) fell 103.16 points to 12,554.73.

The S&P 500 Index (SPX) declined 12.94 points to 1,303.39.

The Nasdaq Composite (RIXF) lost 26.18 points to 2,790.37.

Bank shares led the declines after a report Germany wanted Greece to relinquish control of its budget process in exchange for another rescue package.

The discord came as European Union leaders met in Brussels Monday for their first summit of the year to finalize a deficit-reduction agreement and support the setting up of a rescue fund.

The Commerce Department reported U.S. consumer spending came to a virtual standstill in December after climbing 0.1% the month before.

Shares of Pep Boys Manny, Moe and Jack (PBY) jumped after the company agreed to be acquired by Gores Group for $791 million.

Thomas & Betts Corp. (TNB) advanced after Swiss engineering group ABB said it would buy the electrical-components maker for $3.9 billion.

For every share gaining more than five fell on the New York Stock Exchange, where 72 million shares traded as of 9:40 a.m. Eastern.