Date: Monday 14 Jun 2010
US markets fell back near the close on concerns over the eurozone as Greece's debt was downgraded to junk status by another rating agency.Moody's downgraded Greece's debt rating today to follow the downgrade by Standard & Poor's a month ago.
Across the markets, the Dow fell 20 points to 10,190, with Nasdaq flat at 2,243 and the S&P 500 one point lower at 1,089.
There were some risers. Construction equipment maker Caterpillar and aluminium giant Alcoa led the Dow upwards.
JP Morgan was the worst performer. Investors are mulling weekend press reports that US banks might be forces to spin off their lucrative swaps desks.
In M&A news, Cablevision Systems has agreed to buy Bresnan Communications for $1.37bn and announced a $500m stock buyback in a move to boost its per share earnings. L&L Energy is taking a stake of at least 51% in Shunda Mining.
The oil disaster in the Gulf of Mexico has now cost BP £1.1bn ($1.6bn) and the pressure on the oil giant is likely to intensify over the next few days as Barack Obama prepares to address the American people tomorrow.
The President has been under intense pressure to set out a viable plan to deal with the leak as the crisis enters its 56th day. As well as a clean-up plan, he’s likely to call on BP to pump billions of dollars into a compensation fund for the spill’s victims, including fishermen who’ve lost their livelihoods. Florida has already said it wants at least $2.5bn from the oil company, while US seantors are calling for BP to put $20bn into an escrow account to pay for the clean-up.S&P 500 - Risers
Sandisk Corp. (SNDK) $47.40 +6.28%
American International Group Inc. (AIG) $37.09 +5.73%
Penney J C Co Holdin (JCP) $27.14 +4.42%
Lincoln Natl Corp. (LNC) $27.41 +3.98%
Hartford Fin Svc (HIG) $24.88 +3.62%
S&P 500 - Fallers
Apollo Group Inc. (APOL) $47.70 -6.65%
CF Industries Holdings Inc. (CF) $62.08 -5.00%
Monster Worldwide Inc. (MWW) $12.70 -3.93%
DeVry Inc. (DV) $55.19 -3.35%
Salesforce.Com Inc. (CRM) $93.50 -3.25%
Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $61.00 +1.28%
Intel Corp. (INTC) $20.89 +1.21%
United Technologies Corp. (UTX) $66.90 +1.01%
Wal-Mart Stores Inc. (WMT) $51.24 +0.75%
Merck & Co. Inc. (MRK) $35.02 +0.46%
Dow Jones I.A - Fallers
JP Morgan Chase & Co. (JPM) $37.33 -2.00%
Du Pont E I De Nemours and Co. (DD) $36.86 -1.99%
Bank Of America Corp. (BAC) $15.42 -1.15%
General Electric Co. (GE) $15.39 -1.09%
Walt Disney Co. (DIS) $33.93 -0.91%
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