Wall St ends lower

U.S. stocks closed lower with Dow Jones Industrial Average ending 108.08 points, or 0.94 per cent lower at 11,401.01.

The S&P 500 fell 11.92 points, or 0.98 per cent at 1,204.09. All major S&P sectors finished lower, led by energy and financials.

The Nasdaq composite dropped 9.48 points, or 0.36 per cent at 2612.83.

European shares finished sharply lower after euro zone leaders said the next tranche of Greece aid will not be offered unless debt-ridden nation meets stricter deficit targets, spreading fears of a possible default.

Moever, the widely-anticipated meeting between EU finance ministers broke no new ground over the weekend in dealing with the debt crisis.

President Obama proposed USD1.5 trillion in new taxes as a mean to cut the U.S.s long-term deficit and to slow down its rising national debt.