Global stocks slip, cooled by rising oil prices

US stocks retreated today, undermined by rising oil prices and doubts about the success of Europe's second bailout package for Greece, but earlier the Dow Jones industrial average rose above 13,000 for the first time in nearly four years.

The Dow Jones industrial average was down 4.92 points, or 0.04 percent, at 12,944.95 near the market close. The Standard & Poor's 500 Index was down 1.93 points, or 0.14 percent, at 1,359.30. The Nasdaq Composite Index was down 14.05 points, or 0.48 percent, at 2,937.73.

European shares slipped from near seven-month highs today, with strategists saying the focus would now turn to the bleak outlook for Greece's economy after the country secured a second bailout and averted a messy default.

Euro zone finance ministers sealed a 130 billion euro (US$172 billion) deal for Greece on Tuesday to avert a chaotic default in March after persuading private bondholders to take greater losses and Athens to commit to deep cuts.

"We've dodged the iceberg. We haven't moved out of the ice field. There are no plans for growth (in Greece)," said Justin Urquhart Stewart, director at Seven Investment Management.

"Equities will find it difficult to make headway. Until we can see a path to growth (in Greece), there will be a draining away of the confidence that was coming back into the market. People will take a defensive posture in terms of stocks. We'll see a lot more people just building up cash for the time being."

Urquhart Stewart said he favoured stocks such as food producers.

The FTSEurofirst 300 index of top European shares was down 0.1 percent at 1,090.12 points, having hit its highest close since July on Monday.

Energy stocks were among the losers, down 0.6 percent after a strong run. Crude prices remained high, bolstered by a cut in Iranian oil supply.

Banks, many of which have taken a hit on their balance sheets due to the long-running euro zone debt crisis, reversed earlier falls.

Euro zone banks were up 0.3 percent, and have gained 20 percent in 2012.