US STOCKS-Wall St down for 2nd day as Greece woes linger

* Moody’s Investors Service likely to downgrade Portugal

* US private sector added jobs in April, March and Feb

* Indexes down: Dow 0.1 pct, S&P 0.2 pct, Nasdaq 0.5 pct

* For up-to-the-minute market news see [STXNEWS/US]
(Updates with ADP report)

By Angela Moon

NEW YORK, May 5 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) fell for a second
day on Wednesday as Greece’s sovereign debt crisis spread and
Moody’s Investors Service warned Portugal could be next to have
its debt downgraded.

Doubts about Europe’s plan to rescue Greece and fears the
debt problems could hinder global growth led buyers to
safe-haven investments, boosting U.S. Treasuries and knocking
stocks and the euro.

Data on the U.S. private sector job market and the
economy’s services sector were generally positive and helped
stem stock losses.

“Markets are waiting to see clear evidence the Greek fiscal
consolidation is working and there are no implementation
problems with the support package,” said Zach Pandl, economist
at Nomura Securities International in New York.

The Institute for Supply Management said the pace of growth
in the U.S. services sector was unchanged in April compared to
March. Earlier in the day, a separate report showed U.S.
private labor sector added 32,000 jobs in April. For details,
see [ID:nEAP103001] [ID:nLDE6441TE]

The Dow Jones industrial average (.DJI: ) was down 13.61
points, or 0.12 percent, at 10,913.16. The Standard & Poor’s
500 Index (.SPX: ) was down 2.82 points, or 0.24 percent, at
1,170.78. The Nasdaq Composite Index (.IXIC: ) was down 11.72
points, or 0.48 percent, at 2,412.53.

Moody’s is more likely to downgrade Portugal’s credit
rating after putting it on a three-month review than when it
first put the country on negative outlook last year, a senior
Moody’s analyst said on Wednesday. For details, see
[ID:nLDE6441UC]

As investors fled from risky assets, the U.S. dollar
(.DXY: ), considered safe-haven investment, gained nearly 1
percent against a basket of major currencies. The euro fell (Read more about the trembling euro. )
below $1.29 for the first time in more than a year.

Oil prices (CLc1: ) fell below $80 a barrel for the first
time since March, pressuring energy stocks. The S&P Energy
Index (.GSPE: ) was down 1.2 percent and Chevron Corp (CVX.N: )
shares lost 1 percent at $79.95.

Materials and industrial stocks have been under pressure
this week as they are sensitive to the outlook of global
economic growth.

The S&P Materials index (.GSPM: ) fell 0.2 percent. Dow
Chemical Co (DOW.N: ) was down 1.6 percent at $28.81.

The Chicago Board Options Exchange Volatility Index (.VIX: ),
Wall Street’s favorite measure of investor anxiety rose 2.4
percent to 24.41 after closing at its highest level in almost
three months.

Greek protesters clashed with police as tens of thousands
of strikers marched against austerity plans in a crucial test
of the government’s resolve in enacting deep budget cuts in
return for a massive bailout.

Investing Basics

(Additional reporting; Editing by Padraic Cassidy)

US STOCKS-Wall St down for 2nd day as Greece woes linger