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Stocks fell more than 3 percent Tuesday in Germany, Spain and France, and 1.9 percent in Britain. Greece stepped up pressure on private investors to swap their Greek government bonds for replacements with a lower face value and interest rate. The deadline is Thursday. The swap is vital for Greece to cut its debt and get a bailout of $172 billion. Without it, Greece could default later this month and rattle markets around the world. The price of oil slipped $2.02 to $104.70 per barrel on the New York Mercantile Exchange. New York crude has risen from $96 last month amid fears of a disruption in global oil supplies driven by the potential for military conflict with Iran. President Barack Obama said diplomacy can still resolve the crisis over Iran's possible pursuit of nuclear weapons and accused his Republican critics of "beating the drums of war." Iran dominated Obama's first news conference of the year. The price of gold fell $31.80 per ounce, or 2.1 percent, to $1,672.10 per ounce. Silver, platinum and copper all fell more than 2 percent because of concerns about Europe and weaker economic demand in China. "Global growth fears now are hitting home, and we're seeing selling across the board," said Matt Zeman, a market analyst for Kingsview Financial. Yields on U.S. government debt also fell as investors moved their money into what they perceive to be a safer asset. The yield on the benchmark 10-year Treasury note fell to 1.96 percent from 2.01 percent late Monday. Bond yields fall when their prices rise. Among stocks making big moves: Weight loss company Nutrisystem Inc. fell 10.9 percent after it reported a bigger-than-expected fourth-quarter loss and a disappointing outlook. General Motors fell 5.5 percent after saying it will pay euro304 million, or $402 million, for a 7 percent stake in Peugeot, which will make it the French carmaker's second-largest shareholder after the Peugeot family. VeriFone Systems Inc. rose 7.9 percent after the maker of electronic payment systems predicted a bigger-than-expected 2012 profit. Apple fell 0.5 percent one day before the expected release of its iPad 3 tablet computer.
[Associated
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