US STOCKS-Wall St slips on Greece, China worries; energy stocks lower

lunes 11 de mayo de 2015 13:32 GYT

* Oil prices fall after rising for eight straight weeks

* Apple biggest drag on S&P 500, Nasdaq

* Indexes: Dow down 0.3 pct, S&P down 0.3 pct, Nasdaq up 0.03 pct (Updates to early afternoon)

By Tanya Agrawal

May 11 (Reuters) - U.S. stocks were broadly down in afternoon trading on Monday on worries about Greece's precarious financial condition and slowing growth in China, while energy stocks fell on weaker oil prices.

The U.S. stock market, which rallied on Friday on a strong jobs report, has been trading at historically expensive valuations, fueled by ultra-low borrowing costs.

The S&P 500 is trading at 17 times expected earnings, compared with its historical 10-year median average of 15, according to Thomson Reuters StarMine data.

"Even though the market closed up on Friday, more stocks were lower for the week and that points to weakness," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

"We could see some sloppy action for the next couple of sessions."   Continuación...