After a big selloff in the middle of the day, stocks bounced back and major indices ended relatively unchanged for the day, with the Dow slightly down and the S&P 500 and Nasdaq slightly up. The euro fell below $1.27 against the dollar today, the lowest it has been in 16 months, a signal of investor uncertainty about the economic stability of the eurozone. In corporate news, Urban Outfitters (URBN) CEO Glen Senk announced his resignation today. Senk has occupied the post since 1994, and the news sent the company’s stock down over 18 percent. He will be moving to a privately held jewelry company in February. On the heels of rumors that it would be getting into the textbook business, Apple (AAPL) sent out media invitations for “an education announcement” on the 19th in New York City.
Word on the Street
- The euro fell to $1.27 against the dollar today.
- 10-year Treasury bonds sold for 1.90 percent today.
- Urban Outfitters’ (URBN) CEO surprised investors by tendering his resignation.
- A Federal Reserve survey shows that December 2011 was a very strong month for the economy.
- Apple (AAPL) announced an upcoming education event, fueling rumors that it would get into textbooks.