Worries that efforts were falling apart to keep Greece from defaulting sent the blue chips lower. Mark Lasseigne has your stock market report on today's Acadiana Business Index.

  • The Dow Jones Industrial Average dropped 89 points to 12,801.
 
  • Hours after Greece claimed it had reached an agreement among its squabbling party leaders on new cutbacks, European officials dashed any hopes that the country was close to getting its bailout.
 
  • The major indexes furthered their fall after a gauge of consumer confidence came in below expectations.
  • And, the U.S. trade deficit widened a second straight month in December.  Record imports from China last year helped push the 2011 gap to a three-year high.
 
In corporate news,
  • United Parcel Service said it was boosting its quarterly dividend, saying cash flow in 2012 is expected to be strong. The shipping company's stock rose 0.1%.
  • LinkedIn rallied almost 18% after the company reported better-than-expected quarterly earnings and revenue, and provided an upbeat outlook for the current quarter and the year.
 
  • And gold closed at $1,725 an ounce.