Stocks closed down on pressure from the Greek debt crisis and China's emergency measures to stop its stock slide. Bobbi Rebell reports.
Stocks fell in a volatile session on Monday. Greeks backed their government in rejecting the austerity terms of a bailout and China implemented emergency measures to stop a selloff in Shanghai's market. Greeks will be under pressure to offer serious proposals at the euro-zone summit Tuesday. LexION Capital's Elle Kaplan: SOUNDBITE: ELLE KAPLAN, CEO, LEXION CAPITAL (ENGLISH) SPEAKING: "We're entering into a new chapter here. There's a clear pathway to enter the euro zone. There is no clear pathway to exit." Economics data was downbeat. Expansion of the U.S. services sector slowed for the third straight month in June. Leading the S&P 500 higher: Humana. But its stock did not rise up to the level of health insurer Aetna's $230 per share offer price. Humana agreed to be bought in a $37 billion deal. The takeover will face close scrutiny by regulators. Aetna was the biggest drag on the S&P. Another potential deal: Weight Watchers. The New York Post reports, an activist hedge fund is talking to partners about bidding for the weight-loss management firm. Weight Watchers has shed a lot of its market value. The stock is down 81 percent this year. United Continental shares caught a tailwind. CRT Research upgraded the stock to a "buy" from "fair value" and upped its profit estimate for the year. The investment bank points to the airline's accelerated share buy backs and improving revenue outlook as catalysts. The stock of the newly merged food company, Kraft Heinz, fell sharply after initially rallying on its debut. Stifel began coverage with a buy rating. It says the company's ability to manage costs and reinvest in its business should boost revenue growth. Starbucks is raising prices on some of its coffee drinks by between 5 and 20 cents. The move comes despite the fact that coffee prices have cooled form highs hit last year after a drought in the world's biggest coffee producer, Brazil. Say bye to an era: Monday marked the last day for open-outcry trading by Chicago's loud futures traders after 167 years. No huge outcry by European investors to the Greeks vote. Stocks fell, but not as strongly as some had expected.