Why the Dow Is Down for the Day

The Dow Jones Industrial Average (INDEX: ^DJI  ) is falling for the third day in a row as the Greek debt deal looks to be delayed. At 1:30 p.m. EST, the Dow was down 70 points to 12,590.60.

The Dow is down after German Chancellor Angela Merkel declined to discuss Greece this morning at a European summit in Brussels. The reason given was that the governing bodies that oversee the Greek bailout packages are still in talks with Greece, banks, and other bondholders. Investors believe a second debt bailout is needed to keep Greece from defaulting.

Top decliners

Bank of America (NYSE: BAC  ) is today�s top loser so far, down 3.1% to $7.06 on the Greek debt news and a downgrade by Goldman Sachs from buy to neutral. Fool analyst Sean Williams has written about what you need to know about the Greek debt talks.

American Express (NYSE: AXP  ) is second behind Bank of America, down 1.84% to $48.93. The company is also being pushed down by fears over the Greek debt talks. American Express posted positive earnings two weeks ago; competitor and fellow Dow component MasterCard reports earnings on Thursday.

Chevron (NYSE: CVX  ) is third, down 1.76% to $102.13. The company is falling with the broader market and oil prices, which are now just less than $100 per barrel. Chevron reported poor earnings on Friday; ExxonMobil reports earnings tomorrow.

Foolish bottom line
The Greek debt situation is moving the Dow today, and with it being earnings season, there are plenty of companies out there that investors need to watch since they could move the Dow. In the Fool's "Fourth-Quarter Earnings Report: 7 Stocks You'll Want to Watch," you'll find information on this quarter's possible big performers. It's completely free for our readers, so click here to access your free report today.