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By Jonathan Cheng And Chris Dieterich The Dow Jones Industrial Average fell for a fourth straight day as confusion over Greece’s political future extended the recent stock slide.The blue-chip Dow lost 33.45 points, or 0.26%, to 12598.55, to finish at the day’s lows. The slide, which eroded an early gain of 91 points, handed the index its 10th decline in the past 11 sessions. Since the beginning of May, the Dow has lost 4.7%, and now sits at a four-month low.The Standard Poor’s 500-stock index fell 5.86 points, or 0.44%, to 1324.80 while the Nasdaq Composite slid 19.72 points, or 0.68%, to 2874.04.Financial and materials stocks dragged the markets lower. Bank of America lost 2.6% and JPMorgan Chase fell 2.2%. Alcoa declined 2.5%. General Electric was a bright spot for the Dow, rising 3.3% after announcing two acquisitions and reporting good news at its finance unit.European markets also were bumped around by concerns about Greece and its possible exit from the common-currency area. The Stoxx Europe 600 finished a rocky session down 0.6% to close at its lowest point since Dec. 29. It had fallen as much as 1.4% earlier in the session before briefly turning positive.In a sign of rising anxiety among Greeks, depositors withdrew ?700 million (about $891 million) from local banks on Monday. Chancellor Angela Merkel tried to soothe investor fears by saying in an interview on CNBC that Germany was determined to keep Greece in the euro zone, though reports suggesting that the ECB could stop operations with some Greek banks compounded the confusion. “We really don’t know how an exit would impact Greek banks, banks across Europe, or what would happen with bond spreads in other peripheral markets,” said John Praveen, chief investment strategist at Prudential Financial. “Until the Greek elections happen next month, we’ll probably see markets with this high volatility and uncertainty.” Stock initially pushed higher after economic data showed that home building was stronger than expected the past two months, while April’s industrial output had its biggest monthly jump since December. Stocks pushed back into positive territory in choppy trading after the release of minutes from the Federal Reserve’s policy making committee last month. Gains evaporated after Fed officials have indicated they aren’t planning to take any immediate new actions to spur economic growth. “There was nothing new in here. They have left the door open, but the bar is pretty high,” Mr. Praveen said.Asian markets finished sharply lower over Greek worries. The China’s Shanghai Composite slid 1.2% and Japan’s Nikkei Stock Average shed 1.1%.In stock movers, Wednesday’s surge in GE came after the company’s finance unit, GE Capital, said it would resume paying a quarterly dividend to its parent company. Separately, GE said it would buy Australia-based mining-equipment maker Industrea, as well as the privately held equipment maker Fairchild International. J.C. Penney fell 20% to lead the S&P 500 decliners after the department-store chain reported a wider-than-expected first-quarter loss and revenue that missed estimates, and said it will discontinue its quarterly dividend of 20 cents a share.Abercrombie Fitch slumped 13% after the apparel retailer reported revenue that missed estimates, citing challenging sales trends in Europe, and provided a downbeat sales outlook for the year.Deere Co. fell 3.2% after the maker of farming equipment reported sales that came in lower than the company predicted in February, though earnings exceeded forecasts. General Motors rose 2.3% after Warren Buffett’s Berkshire Hathaway revealed a 10 million-share stake in the auto maker in a securities filing Tuesday. Google rose 2.9% and Oracle fell 1.3% after a judge hearing an infringement trial between the two technology giants peppered Oracle’s lawyers with difficult questions. The two sides are waiting for a verdict on the patent portion of the trial, as they haggle over the mixed verdict delivered in the earlier part, which concerned copyright. Write to Jonathan Cheng at jonathan.cheng@wsj.com and Chris Dieterich at chris.dieterich@dowjones.com …

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Investors jettisoned J.C. Penney on Wednesday after a dismal earnings report, following the first full quarter with a former Apple executive at the helm.

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By Jonathan Cheng And Chris Dieterich The Dow Jones Industrial Average fell for a fourth straight day as confusion over Greece’s political future extended the recent stock slide.The blue-chip Dow lost 33.45 points, or 0.26%, to 12598.55, to finish at the day’s lows. The slide, which eroded an early gain of 91 points, handed the index its 10th decline in the past 11 sessions. Since the beginning of May, the Dow has lost 4.7%, and now sits at a four-month low.The Standard Poor’s 500-stock index fell 5.86 points, or 0.44%, to 1324.80 while the Nasdaq Composite slid 19.72 points, or 0.68%, to 2874.04.Financial and materials stocks dragged the markets lower. Bank of America lost 2.6% and JPMorgan Chase fell 2.2%. Alcoa declined 2.5%. General Electric was a bright spot for the Dow, rising 3.3% after announcing two acquisitions and reporting good news at its finance unit.European markets also were bumped around by concerns about Greece and its possible exit from the common-currency area. The Stoxx Europe 600 finished a rocky session down 0.6% to close at its lowest point since Dec. 29. It had fallen as much as 1.4% earlier in the session before briefly turning positive.In a sign of rising anxiety among Greeks, depositors withdrew ?700 million (about $891 million) from local banks on Monday. Chancellor Angela Merkel tried to soothe investor fears by saying in an interview on CNBC that Germany was determined to keep Greece in the euro zone, though reports suggesting that the ECB could stop operations with some Greek banks compounded the confusion. “We really don’t know how an exit would impact Greek banks, banks across Europe, or what would happen with bond spreads in other peripheral markets,” said John Praveen, chief investment strategist at Prudential Financial. “Until the Greek elections happen next month, we’ll probably see markets with this high volatility and uncertainty.” Stock initially pushed higher after economic data showed that home building was stronger than expected the past two months, while April’s industrial output had its biggest monthly jump since December. Stocks pushed back into positive territory in choppy trading after the release of minutes from the Federal Reserve’s policy making committee last month. Gains evaporated after Fed officials have indicated they aren’t planning to take any immediate new actions to spur economic growth. “There was nothing new in here. They have left the door open, but the bar is pretty high,” Mr. Praveen said.Asian markets finished sharply lower over Greek worries. The China’s Shanghai Composite slid 1.2% and Japan’s Nikkei Stock Average shed 1.1%.In stock movers, Wednesday’s surge in GE came after the company’s finance unit, GE Capital, said it would resume paying a quarterly dividend to its parent company. Separately, GE said it would buy Australia-based mining-equipment maker Industrea, as well as the privately held equipment maker Fairchild International. J.C. Penney fell 20% to lead the S&P 500 decliners after the department-store chain reported a wider-than-expected first-quarter loss and revenue that missed estimates, and said it will discontinue its quarterly dividend of 20 cents a share.Abercrombie Fitch slumped 13% after the apparel retailer reported revenue that missed estimates, citing challenging sales trends in Europe, and provided a downbeat sales outlook for the year.Deere Co. fell 3.2% after the maker of farming equipment reported sales that came in lower than the company predicted in February, though earnings exceeded forecasts. General Motors rose 2.3% after Warren Buffett’s Berkshire Hathaway revealed a 10 million-share stake in the auto maker in a securities filing Tuesday. Google rose 2.9% and Oracle fell 1.3% after a judge hearing an infringement trial between the two technology giants peppered Oracle’s lawyers with difficult questions. The two sides are waiting for a verdict on the patent portion of the trial, as they haggle over the mixed verdict delivered in the earlier part, which concerned copyright. Write to Jonathan Cheng at jonathan.cheng@dowjones.com …

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Leaders across Europe rushed to try to reassure nervous investors Wednesday that they were working to prevent Greece from an unprecedented exit from the eurozone and the damage that might cause for other troubled European economies.

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The director of the Federal Bureau of Investigation said Wednesday that the agency has opened an investigation into JPMorgan Chase, the nation’s largest bank.

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By Chris Dieterich And Jonathan Cheng Stocks were flat as confusion over Greece’s political future and the role of the European Central Bank tamped down early gains. The Dow Jones Industrial Average rose two points, or 0.1%, to 12633 in afternoon trading Wednesday. The Standard Poor’s 500-stock index fell two points, or 0.1%, to 1328 while the Nasdaq Composite slid 14 points, or 0.5%, to 2878.Consumer-staple and industrial stocks rose, as General Electric led the Dow components after announcing two acquisitions and good news at its finance unit. Weighing on the market were materials and technology stocks like Microsoft. Blue chips have fallen for three-straight sessions and nine days in the past 10. The benchmark closed Tuesday at a four-month low. European markets also were bumped around by concerns about Greece. The Stoxx Europe 600 finished a rocky session lower by 0.6%. It had fallen as much as 1.4% earlier in the session before turning positive.In a sign of rising anxiety among Greeks, depositors withdrew ?700 million (about $891 million) from local banks on Monday. Chancellor Angela Merkel tried to soothe investor fears by saying in an interview on CNBC that Germany was determined to keep Greece in the euro zone. Reports suggesting that the ECB could stop operations with some Greek banks compounded the confusion. “We’re seeing all these statements coming out of Europe, particularly with Merkel saying there’s a strong commitment to keep Greece in the euro zone,” said John De Clue, chief investment officer of U.S. Bank’s Private Client Reserve. “Unfortunately, I think markets may go sideways, though it will feel like it’s going sideways at 1,000 miles per hour because of the volatility,” he said. Asian markets were sharply lower on worries about Greece. The China’s Shanghai Composite slid 1.2% and Japan’s Nikkei Stock Average shed 1.1%.In U.S. economic news, home construction in April increased 2.6% from the previous month. However, the number of new housing permits, an indication of future construction, fell. Industrial production, meantime, rose in April, though a downward revision to the previous month’s number tempered investor optimism.Separately, the minutes of the Federal Reserve’s monetary policy setting committee meeting in April will be released at 2 p.m. Wednesday’s surge in GE came after the company’s finance unit, GE Capital, said it would resume paying a quarterly dividend to its parent company. Separately, GE said it would buy Australia-based mining-equipment maker Industrea, as well as the privately held equipment maker Fairchild International. J.C. Penney fell and led the S&P 500 decliners after the department-store chain reported a wider-than-expected first-quarter loss and revenue that missed estimates, and said it will discontinue its quarterly dividend of 20 cents a share. Abercrombie Fitch slumped after the apparel retailer reported revenue that missed estimates, citing challenging sales trends in Europe, and provided a downbeat sales outlook for the year. Target inched up after the discount retailer reported better-than-expected earnings, and provided an outlook that was above current projections.Home builder Lennar rose after the strong reading on housing starts.Deere Co. fell after the maker of farming equipment reported sales that came in lower than the company predicted in February, though earnings exceeded forecasts. Arena Pharmaceuticals slid after the biopharmaceutical company said it is planning a public offering of common stock. OraSure Technologies surged after the company said a U.S. Food and Drug Administration committee recommended approval of the company’s in-home HIV test. Write to Jonathan Cheng at jonathan.cheng@dowjones.com …

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Following a positive start, U.S. stocks struggled to hold on to gains Wednesday afternoon, as investors weighed strong U.S. economic data against ongoing uncertainty about Greece’s political situation.

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U.S. stocks turned mixed Wednesday afternoon, as investors weighed strong U.S. economic data against ongoing uncertainty about Greece’s political situation.

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With apologies to John Lennon: Imagine a eurozone without Greece. It’s easy if you try.

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