U.S. Stocks Drop After ECB Ends Greek Waiver

US stocksAmerican stocks gave up late gains on Wednesday after the European Central Bank (ECB) decided to pressure Athens by lifting its waiver on the use of Greek bonds as collateral.

The Dow Jones Industrial Average finished up just 6.62 points (0.04%) at 17, 673.02, after climbing up to 17, 800 earlier in the day.

After the European Central bank lifted Greece’s waiver, the Greek government’s hope of reaching a new deal regarding the country’s debt seems more bleak. The government is currently trying to establish a new repayment program and cut some of Greece’s debt, as well as put an end to the austerity measures and avoid a new eurozone crisis.

The ECB news put an end to an already unstable day for U.S. equity markets with oil prices dropping significantly and U.S. economic data and earnings coming in mixed.