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US: Stocks dip on fears about Greece, China


[NEW YORK] US stocks dipped in opening trade Tuesday as worries about a potential Greek exit from the eurozone and Chinese market frailty hit global markets.

Five minutes into trade, the Dow Jones Industrial Average was at 17,655.92, down 27.66 points (0.16 per cent).

The broad-based S&P 500 shed 1.89 (0.09 per cent) to 2,066.87, while the tech-rich Nasdaq Composite Index fell 11.38 (0.23 per cent) to 4,980.56.

European stocks fell sharply after German Chancellor Angela Merkel and French President Francois Hollande took a tough line with Greece, demanding "precise" proposals to restart talks after Greece decisively voted down additional austerity measures.

The benchmark Shanghai Composite Index fell 1.29 per cent as Chinese stocks continued to retreat from what many describe as a stock market bubble.