S&P 500 Snaps Five-Week Advance Amid Concern About Greek Bailout
Feb. 10 (Bloomberg) -- U.S. stocks fell, snapping a five- week-rally for the Standard & Poor’s 500 Index, on concern that plans to help Greece avoid default were unraveling and as confidence among American consumers dropped more than forecast.
Citigroup Inc. and Bank of America Corp. retreated more than 1.3 percent to pace declines among financial companies. Commodity producers slumped as Freeport-McMoRan Copper & Gold Inc., Alcoa Inc. and Halliburton Co. decreased at least 1.9 percent. First Solar Inc., the biggest maker of thin-film solar panels, tumbled 10 percent after permitting issues delayed a U.S. loan guarantee for a power plant in California.
The S&P 500 declined 0.7 percent to 1,342.64 as of 4 p.m. New York time, the most since Dec. 28. The benchmark gauge has fallen 0.2 percent since Feb. 3, snapping the longest weekly rally since January 2011. The Dow Jones Industrial Average decreased 89.23 points, or 0.7 percent, to 12,801.23 today.
“We’ve had a flip-flop that triggered global selling,” Frederic Dickson, who helps oversee $28 billion as chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon, said in a telephone interview. “Investors are responding to the sudden change in direction or the lack of resolution of the Greek/European problem that they felt was resolved.”
Global equities tumbled after George Karatzaferis, who heads one of the three parties supporting interim Prime Minister Lucas Papademos, said he wouldn’t support austerity measures worked out for a rescue. He spoke hours after German Finance Minister Wolfgang Schaeuble told lawmakers in Berlin that Greece was missing deficit targets. S&P downgraded 34 Italian banks after reducing the nation’s grade last month.
Consumer Sentiment
Stocks extended losses as the Thomson Reuters/University of Michigan preliminary index of consumer sentiment dropped to 72.5 from 75 in January. The median estimate in a Bloomberg News survey called for 74.8. The gauge averaged 89 in the five years leading to the 18-month recession that ended in June 2009.
Peak And Cash Advance - News
Today's slump followed a three-day rally that yesterday put the S&P 500 less than 1 percent away from its peak nine months ago of 1363.61, which was the highest level since June 2008. The benchmark gauge is up 6.8 percent this year as companies
By Staten Island Advance View full sizeThe Outerbridge Crossing, where $12 cash tolls and $9.50 peak E-ZPass tolls have infuriated Staten Islanders. A report illustrates how expenses at the agency have soared in recent years.
Adds Global Aviation in New Filings; Hostess in Updates; AMR, Dodgers and Jefferson County in Briefly Noted; and Circuit City and Gecker cases in Advance Sheets.) Feb. 6 (Bloomberg) -- Las Vegas Monorail Co. filed a revised Chapter 11 plan last week to
Included in the net increase to new and existing customers is approximately $0.5 million of accelerated sales to one customer in advance of the transfer of production of this customer's products in connection with the consolidation of the Byers Peak
We now project adjusted EBITDA of $1.6 billion to $1.725 billion, and adjusted recurring free cash flow of $425 million to $550 million. We were able to narrow this range as a result of opportunistic hedging activity done in the fourth quarter of 2011
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