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Stocks open lower after Thursday's big rally; Whirlpool cuts 5,000 jobs, blaming weak demand
Stocks are falling after a strong rally that left the Standard & Poor's 500 index on track for its best month since 1974.
Markets surged Thursday after European leaders unveiled a deal aimed at defusing the Greek debt crisis. They increased the lending power of a regional bailout fund. Banks agreed to forgive half of Greece's debt.
The Dow Jones industrial average is down 2 points at 12,205 shortly after the opening bell. The S&P 500 is down 4, or 0.4 percent, at 1,279. The Nasdaq composite index is down 9, or 0.3 percent, at 2,729.
Appliance maker Whirlpool Corp. fell 12 percent, the most in the S&P 500, after the company said it will cut 5,000 jobs, citing weak demand and higher costs for materials.