- Dow Jones Industrial Average down 142.97 (-1.14%) to 12,411.23
- S&P 500 down 16.73 (-1.26%) to 1,308.93
- Nasdaq Composite Index down 48.69 (-1.70%) to 2,809.73
- Nikkei 225 Index up 1.96%
- Hang Seng Index up 2.44%
- Shanghai China Composite Index up 1.07%
- FTSE 100 Index down 0.05%
U.S. stocks ended Monday's session lower, unable to hold on to their earlier rally. Stocks initially surged in the pre-market session and were positive in early trading following the announcement that Spain's banks would be bailed-out. However, as the day progressed investors took a more critical look at the bailout's implications and the state of the eurozone's economy.
Despite the bail-out of Spain's banks, the country's economy remains in shambles with sky-high unemployment. Also, economic problems abound in other regions of Europe. Next week, Greeks will return to the polls in a second bid to form a government.
European officials are bracing for a potential Greek exit from thee uro. According to Reuters, these preparations include limiting the amount of withdrawals from automated bank machines should Greece opt out of the euro.
There was no U.S. economic data reported today.
Commodities ended mixed. Oil futures fell Friday, closing below $83 a barrel ahead of the Organization of the Petroleum Exporting Countries' meeting on production levels later this week. July crude settled at $82.70 a barrel on the New York Mercantile Exchange, down $1.40, or 1.7%. It was a volatile session for crude, which climbed as high as $86.64. Gold seesawed between gains and losses but ended up closing up 0.3% at $1,596.80 an ounce on the Comex. It traded in the range of $1,582.70 to $1,609.30 during the session.
(+) INMD Agreed to be acquired by Sagard Capital Partners for $169.5 million.
(+) ZAZA, End Hess JV, receives $85 million and 72,000 acres in Eagle Ford play.
(+) NOIZ Mercury Computer Systems offers $14.80 a share to acquire company.
(+) AMPE, Announces positive trial data for diabetic macular edema treatment.
(-) CNC, Lowers Q2, FY12 earnings guidance.
(-) ES, Appoints new CEO, CFO; Updates FY12 EBITDA outlook.
(-) AKS, Downgraded by Goldman Sachs.