Stocks hit hard by Athens

U.S. markets started fourth-quarter trading with heavy losses after Greece said it would fall short on financial goals needed for further international loans. Greece said it would miss the target of reducing its deficit to 7.6 percent of the gross domestic product this year, hitting 8.5 percent, instead, Britain's Guardian reported. By close of trading Monday, the Dow Jones industrial average lost 258.08 points, 2.36 percent, to 10,655.30. The Standard & Poor's 500 index lost 32.19 or 2.85 percent to 1,099.23. The Nasdaq composite index shed 79.57 or 3.29 percent to 2,335.83. On the New York Stock Exchange, 282 shares advanced and 2,812 declined on a volume of 5.6 billion shares traded. The benchmark 10-year treasury note rose 1 17/32 to yield 1.751 percent. Investors moved funds over to gold, which gained $36.20 to reach $1,658.50 per troy ounce. Crude oil in the New York Mercantile Exchange lost $2.82 or 3.5 percent to reach $76.38 per barrel. The euro fell to $1.3184 from Friday's $1.3387. Against the yen, the dollar fell to 76.62 yen from Friday's 77.04 yen. In Tokyo, the Nikkei 225 index lost 1.78 percent, 154.81, to 8,545.48. In London, the FTSE 100 index fell 1.03 percent, 52.98, to 5,075.50.