U.S. stocks extended their losses on Monday as talks over the weekend between Greece and its creditors broke down, sparking a global selloff. But the euro showed signs of life. The S&P 500 lost 1.06 percent, the Dow Jones Industrial Average fell 1.12 percent and the Nasdaq declined 1.26 percent. Greece announced plans over the weekend to call a referendum to allow citizens to decide if the debt-laden nation should exit the eurozone. This comes after talks between Greece and its creditors failed on Saturday. It was announced that banks in Greece would remain closed until July 6 with ATM withdrawal limits of 60 euros a day. One Greek official, however, told CNBC that banks are set to open on Thursday. In the U.S., banks were hit the hardest. JPMorgan Chase (JPM) shares moved lower by 1.6 percent, while shares of Citigroup (C) fell 2 percent. Bank of America (BAC) slipped 2.4 percent. ‘There will be two types of money taking action: those trying to profit from the end of Greece and those caught on the wrong side of it,’ said TheStreet’s Jim Cramer in a story on Monday. ‘Neither should be met with your buying, because it would be foolish to help out either cohort. The first, the profiteering hedge funds, want to get a short off as low as down 1 percent, hoping that S&P will fall 2 percent minimum, so they can make a decent return.’ Despite the drama in Greece, the euro showed signs of life, gaining 0.33 percent against the dollar, after declining some 0.4 percent earlier in the session, as investors view the selloff as a buying opportunity.
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