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Snapshot: S&P 500 extends its decline

US stocks fell, with the S&P 500 extending its steepest weekly drop since March, as Greece scrambled to avoid
a cash crunch and energy shares tumbled with the price
of oil. The gauge lost 1.2 percent last week. While investors sold riskier assets after Greeks voted in a referendum Sunday to reject their creditors’ austerity terms for aid, the declines were muted, compared with a week ago. Greece’s finance minister, Yanis Varoufakis, resigned, a move investors speculated may aid talks with creditors. Varoufakis said there was ‘‘a certain preference’’ among European creditors that he no longer be involved in negotiations. Last week, US stocks fell the most in three months as the crisis in Greece escalated. The index suffered its biggest single-day decline of the year last Monday, 2.1 percent. The uncertainty in Greece overshadowed US economic data that last week showed the economy added 233,000 jobs in June, though wages stagnated and the size of the labor force receded. Data Monday showed growth at service industries picked up in June from a more than one-year low, signaling steady improvement in the biggest part of the economy.