Australian stocks are crushed

Photo: Christian Augustin/Getty Images

Australian stocks fell hard, clawing back Thursday’s gains, following a weak lead from Wall Street, more falls in the price of iron ore and Greece’s approaching referendum on bailout conditions.

The major banks and the big miners were leading the market down, ending a three day rally.

In the US overnight, the S&P 500 was flat, down less than one point on the day, in thin trading ahead of the July 4 holiday weekend.

On the local market, all ten sectors were in the red by a combined 1.10% after Thursday’s 1.5% rise.

The banks were being sold down with the NAB losing more than 2% to $33.36, the ANZ 1.75% to $32.33, Westpac 1.3% to $32.58 and the Commonwealth also 1.3% to $86.31. AMP was weaker by more than 2% to $6.17.

BHP lost 2.17% to $26.41, LNG 3.26% to $4.16 and Santos 3.45% to $7.98.

Iron ore player Fortescue was down 5.24% to $1.81.


NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.