Photo: Vsual_prod on Flickr
Stocks took a tumble, as mounting anxiety about Spain aggravated losses in China.But first, your scoreboard:
Dow: 13,126, -72 pts, -0.54%
S&P 500: 1,406, -7 pts, -0.49%
NASDAQ: 3,105, -15 pts, -0.49%
Here are the day’s top stories:
- China set the tone for a negative day as the Shanghai composite fell a whopping 2.65 per cent. MORE: Analyst Visits China And Comes Back With Some Bad News >
- European stocks docked a miserable day. The DAX closed the day off -1.03 per cent and the IBEX fell a full -1.96 per cent.
- Spain took the limelight as the country economists are most worried about. A note from Citi Chief Economist Willem Buiter predicting that the country will need to seek troika aid this year sparked market anxiety, despite few actual headlines. CHART OF THE DAY: The Spanish Housing Chart That’s Going To Crush The Banking System >
- February durable goods orders missed expectations, rising just 2.2 per cent versus an expected 3.0 per cent. The weakest element of that report was transportation.
- Shares of French energy company Total recovered slightly today after falling 7 per cent yesterday. JP Morgan analysts estimated that the company had lost an absolute $7.8 billion in market value.
- Oil fell -1.75 per cent to $105 per barrel after signs from France that world leaders are nearing a deal to tap oil reserves. French energy minister Eric Besson confirmed that his country was in talks with officials from Japan, the U.S., and the U.K. to release more oil into the markets in order to push down its soaring price. Talks are still in early stages, however. NOW READ: These Are The Companies That Will Make A Killing Off Of The Coming ‘Industrial Revolution’ In America >
- Commodities got creamed around the board. Gold fell 1.42 per cent, natural gas fell -0.77 per cent, wheat fell -1.3 per cent, and coffee led the way, falling -3.2 per cent. MORGAN STANLEY: This Is What All The World’s Commodities Will Do This Year And Next Year >
- A report that EU finance ministers had drafted a proposal that would boost European bailout funding to €940 billion ($1,250 billion)—something that Germans have repeatedly opposed—led to brief enthusiasm about the crisis across the pond. However, investors appeared to scale back that optimism as the mere existence of a draft proposal fails to confirm German approval.
- Rupert Murdoch’s Newscorp is said to be developing plans to turn the fledgling Fuel channel into a major sports network that would challenge the dominance of ESPN. The company already has rights to the 2018 and 2022 World Cups, as well as deals with the NFL, MLB, and college sports conferences through Fox Sports.
- BONUS: Meet The 13 Mysterious Politicians Rapidly Rising To Power In China >