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US stocks dip on worries about Greece

New York - Wall Street stocks dipped on Thursday, following leading eurozone equity markets lower on worries about a potential Greek exit from the currency bloc.

The Dow Jones Industrial Average dropped 36.87 points to 18 126.12.

The broad-based S&P 500 shed 2.69 points at 2 120.79, while the tech-rich Nasdaq Composite Index lost 8.62 points at 5 097.98, retreating from Wednesday's record.

Frankfurt's DAX 30 index fell 0.79% and the CAC 40 in Paris lost 0.86% as the tense standoff between heavily indebted Greece and its creditors hung over a meeting of finance ministers from the Group of Seven leading industrialised nations in Germany.

International Monetary Fund chief Christine Lagarde, who was attending the G7 meeting, reportedly warned of the potential for a Greek exit of the 19-nation eurozone and said such a scenario would not be "a walk in the park" for the single-currency area.

Analysts also noted that the Shanghai Composite Index fell 6.5% on worries about tighter margin requirements in Chinese markets.

Broadcom lost 1.6% following news it would be acquired by fellow chipmaker Singapore-based Avago Technologies for $37bn. Broadcom had jumped 21.5% on Wednesday as news broke of the impending deal.

Avago advanced 0.6% on the deal, which will create a leader in the surging market for mobile devices like smartphones and tablets.

Big-box retailer Costco Wholesale fell 0.8% as revenues for the quarter ending May 10 came in at $25.52bn, below the $26.63bn forecast by analysts.

Cybersecurity company Palo Alto Networks jumped 3.6% after forecasting sales of $252m -$256m in the current quarter, more than the $247.67m projected by analysts.

Equipment-rental company United Rentals tumbled 9.1% following comments by chief financial officer Bill Plummer that May business was "a bit softer" than the company previously projected.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.14% from 2.13% on Wednesday, while the 30-year advanced to 2.89% from 2.87%. Bond prices and yields move inversely.

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