* Achillion Pharma jumps on hepatitis C drug-trial results
* Qualcomm up, nears deal with China on antitrust dispute
* Indexes down: Dow 0.28 pct, S&P 0.12 pct, Nasdaq 0.02 pct (Updates to afternoon trade, commentary)
By Sinead Carew
NEW YORK, Feb 9 (Reuters) - U.S. stocks pared their losses on Monday as investors took increased tensions over Greek debt negotiations and disappointing Chinese economic data in stride, helped by a rise in oil prices that boosted energy stocks.
After Greece’s Prime Minister Alexis Tsipras ruled out any extension of its international bailout on Sunday and announced moves to reverse some of the reforms imposed by its lenders European Commission President Jean-Claude Juncker said Greeks should not expect the euro zone to accept the latest terms proposed by Greece.
Investors are waiting for the Greek situation to be resolved and found some reassurance the market did not collapse after the weekend’s news, said Ken Polcari, director of the NYSE floor division at O‘Neil Securities in New York.
“In the end, he’s going to be the one to blink,” he said, referring to Greece’s Tsipras. “If the market was really concerned then you’d see much more to the downside.”
China’s exports fell 3.3 percent from a year ago while imports tumbled 19.9 percent, well short of expectations, raising concerns about the world’s second-largest economy.
“China is a negative and Greece is a negative, certainly Greece is something investors have lived with for a while,” said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.
National Bank of Greece’s U.S.-listed shares dropped 7 percent to $1.12.
Oil prices climbed for a third straight session, lifting the S&P energy sector 0.6 percent. OPEC forecast greater demand for crude this year than previously thought and projected less supply from countries outside the group.
The Dow Jones industrial average fell 49.52 points, or 0.28 percent, to 17,774.77, the S&P 500 lost 2.39 points, or 0.12 percent, to 2,053.08 and the Nasdaq Composite dropped 1.05 points, or 0.02 percent, to 4,743.35.
Achillion Pharmaceuticals jumped 12.4 percent to $12.16. Its experimental hepatitis C drug, used in combination with Gilead Sciences Inc’s Sovaldi, eradicated signs of the virus after six weeks of therapy. Gilead shares rose 1 percent to $98.44.
Qualcomm shares gained 1.8 percent after a source told Reuters it is likely to pay China a $1 billion fine, ending a 14-month government investigation into anti-competitive practices.
Hasbro rose 7.7 percent. The toymaker reported a nearly 31 percent quarterly profit increase and authorized additional share repurchases.
Despite some high-profile misses from multinationals, Thomson Reuters data through Monday morning shows 72.6 percent of the 328 companies in the S&P 500 that have reported earnings have topped expectations, above the 69-percent beat rate for the past four quarters.
NYSE advancing issues outnumbered decliners 1,530 to 1,482, for a 1.03-to-1 ratio; on the Nasdaq, 1,343 issues fell and 1,309 advanced, a 1.03-to-1 ratio favoring decliners.
The S&P 500 was posting 11 new 52-week highs and 2 lows; the Nasdaq Composite was recording 40 new highs and 20 lows. (Additional reporting by Chuck Mikolajczak, Editing by Bernadette Baum and Nick Zieminski)