STOCKS TUMBLE, GREECE GETS SMASHED: Here's What You Need To Know

greece stormClouds over Greece

Photo: Stephen Chipp/flickr

A bumpy start to the week.First the scoreboard:

Dow: 12,695, -125.2, -0.9%
S&P 500: 1,338, -15.0, -1.1%
NASDAQ: 2,902, -31.2, -1.0%

And now the top stories:

  • European markets continued to take it on the chin as fears of disorderly Greek exit (or Grexit) from the eurozone continued to escalate.  Greek stocks haven’t been this low since the 1990’s, and the sell-off resembles what the U.S. stock markets experienced during the Great Depression.
  • European markets weren’t helped by the Spain, which saw yields surge on the tail of a sovereign debt auction. European industrial production numbers were also dismal. EXCLUSIVE: Latvian Economics Minister Explains Why Latvia Is The One Place Where Austerity Worked >
  • There was a bunch of big corporate news over the weekend.  Yahoo’s Scott Thompson finally stepped down from his CEO role after a lengthy controversy regarding lies on his resume. Ross Levinsohn will step in as interim CEO.  Shares rallied.
  • Chesapeake Energy shares surged today on reports that corporate raider Carl Icahn would disclose a new stake in the company. Earlier this morning, CEO Aubrey McClendon hosted a conference call to reassure analysts and investors that everything was alright. Here Are 3 Reasons Why You Should Care About Chesapeake Energy >
  • The financial sector sold off today as traders continue to better understand the implications JP Morgan’s unexpected $2 billion trading loss.  On that matter, JP Morgan’s Ina Drew, Bruno Iksil, and others are now out. The Chief Investment Officer position will be filled by Matt Zames, who made a name for himself as a trader for Long-Term Capital Management and as one of the few who raised flags about Bernie Madoff before the ponzi scheme blew up.
  • Groupon shares surged today ahead of its big earnings announcement.  Follow the release LIVE on Business Insider.
  • Don’t Miss: Liz Ann Sonders’ Guide To Investing In Ridiculously Volatile Markets >

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