Photo: Wouter van Doorn / Flickr
It was kind of a snoozer in the markets today after yesterday’s monster gains.First, the scoreboard:
Dow: +22.2 pts, +0.18%
S&P 500: +0.5 pts, +0.04%
NASDAQ: -1.5 pts, -0.05%
And now, the top stories:
- Maybe you missed it, but Europe actually waved a big red flag early this morning, and it came in the form of a disappointing Italian bond auction. The 10-year bond sold at a yield north of 6%, the highest cost for an auction during the history of the euro. European markets and U.S. futures sold off on the news.
- We’ve been pointing to worrying Italian yields for a while. It’s a reminder that the eurozone’s debt crisis isn’t exactly over. And then there remains the whole issue of implementing any of the proposals EU leaders agreed to on Wednesday. There’s also the matter of whether or not a 50% writedown on Greek debt constitutes a CDS-triggering event. This CDS issue continues to be hotly debated. But despite some volatility, European markets closed flat for the day.
- We got a few reads on the U.S. consumer this morning. Personal income was a little light, inching up just 0.1%, versus the estimate of 0.3%. Personal spending grew 0.6%. While the spending figure was in line with estimates, it represented an acceleration from last month’s reading. Also, consumer sentiment jumped to 60.9, beating the estimate of 58.0.
- Whirlpool announced disappointing earnings and guidance this morning. Even worse, management said it would lay off over 5,000 employees across North America and Europe. “Given the weakening global economic environment, we are today announcing aggressive plans that will result in substantial cost and capacity reductions,” said CEO Jeff Fettig. Shares dived 14.3%.
- Last night, Hewlett-Packard said it would keep its PC business. Just two months ago, the company suggested that it may get rid of it. Investors were happy with the development and sent the stock higher by 3.5% today.
- Otherwise, it was a pretty quiet day in terms of market-moving news.
- Don’t Miss: This Is The Story Of Why Italy’s Getting Crushed