Stocks edge lower on worries about China, Greece

PALLAVI GOGOI AP Business Writer Published:

NEW YORK (AP) -- Two signs of trouble elsewhere in the world pushed U.S. stocks lower: slowing economic growth in China and a possible hitch in a deal to get Greece its bailout money.

The Dow Jones industrial average closed down 15 points to 12,963 Monday. The Standard & Poor's 500 dropped 5 points to 1,364. The Nasdaq composite index fell 26 to 2,950.

China's premier, Wen Jiabao, lowered China's economic growth target to 7.5 percent from 8 percent. That's a negative sign because China's growth has been a cornerstone supporting the global economy since the financial crisis of 2008.

Traders also worried that not enough private investors may participate in a bond swap in Greece necessary to save the country from default.