Stocks closed at more than three-month lows, as investors worried about Greece’s potential exit from the euro zone. In Greece, a political stalemate entered a second week with no agreement on a unity government. Greek, Spanish and Italian bond yields spiked, and European stocks dropped. Also, JPMorgan lost another 3%, after the bank announced the retirement of chief investment officer Ina Drew, who oversaw the unit responsible for the trading blunder. Stocks of Citigroup, Wells Fargo and Goldman Sachs all slid roughly 2%, while Morgan Stanley dropped by more than 4%. Best Buy added 1.45% after the co. said founder Richard Schulze would step down as chairman. Technology stocks also fell, though Yahoo managed to rose 2.04% after Scott Thompson on Sunday stepped down as the co.’s chief executive, with the resignation coming 10 days after hedge-fund activist Daniel Loeb accused him of faking a computer-science degree. In the evening trade Groupon surged 12% after the co. reported better-than-expected first-quarter results, including a reduction in its quarterly loss. Implied volatility spiked to the 22 level on modest trading volumes.
