US stocks dropped on Friday, putting the S&P 500 on pace for its first weekly decline in the past six, after another snag in negotiations for a financial bailout package for Greece. Declines were broad-based, with all 10 S&P sectors negative and the S&P 500 energy, financials and materials sectors all down more than 1 percent each. The CBOE Volatility index, often referred to as Wall Street's "fear index," jumped 11 percent, its biggest percentage gain in three months.
Even with the day's decline, the S&P 500 is up 6.7 percent since the start of the year. The Dow Jones industrial average was down 113.07 points, or 0.88 percent, at 12,777.39. The Standard & Poor's 500 Index was down 10.41 points, or 0.77 percent, at 1,341.54. The Nasdaq Composite Index was down 19.37 points, or 0.66 percent, at 2,907.86.