Stocks ended the day lower on concerns about the debt crisis in Europe and falling oil prices. Investors are worried about Spain, which recently requested up to €100 billion to recapitalize insolvent banks. Egan-Jones cut its credit rating on Spanish government debt to "CCC+" from "B." Italy has been under pressure amid fears the debt crisis is spreading to the core of the eurozone. Greece is also in focus ahead of a crucial election this weekend. Investors were focused on Capitol Hill, where JPMorgan’s CEO Dimon told lawmakers that he could not defend the trades that led to the bank's multi-billion dollar loss. the tech sector was weighed down by slumping shares of Hewlett-Packard, despite advance in Dell and Zynga. Dell rose 2.6% a day after the co. initiated an 8-cent a share quarterly dividend and announcement that it aims to cut $2 billion in costs by the end of its fiscal 2015, reducing expenses in supply chain and services delivery. HPQ closed down 1%, one of the worst performers on the Dow Jones Industrial Average. Yahoo was down 0.9% after the firm unveiled an agreement with CNBC LLC to share business-news content. Implied volatility inched higher on modest trading volumes.
Thursday, June 14, 2012
Slid on concerns about Europe
Stocks ended the day lower on concerns about the debt crisis in Europe and falling oil prices. Investors are worried about Spain, which recently requested up to €100 billion to recapitalize insolvent banks. Egan-Jones cut its credit rating on Spanish government debt to "CCC+" from "B." Italy has been under pressure amid fears the debt crisis is spreading to the core of the eurozone. Greece is also in focus ahead of a crucial election this weekend. Investors were focused on Capitol Hill, where JPMorgan’s CEO Dimon told lawmakers that he could not defend the trades that led to the bank's multi-billion dollar loss. the tech sector was weighed down by slumping shares of Hewlett-Packard, despite advance in Dell and Zynga. Dell rose 2.6% a day after the co. initiated an 8-cent a share quarterly dividend and announcement that it aims to cut $2 billion in costs by the end of its fiscal 2015, reducing expenses in supply chain and services delivery. HPQ closed down 1%, one of the worst performers on the Dow Jones Industrial Average. Yahoo was down 0.9% after the firm unveiled an agreement with CNBC LLC to share business-news content. Implied volatility inched higher on modest trading volumes.
