Markets Flat as Investors Eye Greek Restructuring

Weekly Wrap Up

Major indices were slightly up this week as the latest Greek bailout was approved by European authorities and several tentative signs of a continuing economic recovery appeared. However, continuing anxiety about the situation in Greek and the larger euro zone kept the markets mostly flat; though the Dow flirted with going over 13,000 and did so during day trading, it ended up closing below every day this week. More Market News

Economic News

Dow Rallies to Highest Level Since May 2008 on Economy
Stocks gained as applications for jobless benefits were unchanged in the week ended Feb.
18 at 351,000, the fewest since March 2008. A report from the Federal Housing Finance Agency showed that a gauge of home prices jumped 0.7 percent in December, beating estimates. The euro rose to the strongest level in more than 10 weeks against the dollar as a report showed German business confidence climbed. Click here to read the full article
In Latest Greek Bailout, Warning Signs for Europe
European leaders have approved their latest aid package for Greece, raising hopes that the worst phase of the sovereign debt crisis is over and a persistent source of stress on global markets has been removed. Click here to read the full article
OIL FUTURES: Crude Vaults To 9-Month High On Greece, Iran
Oil futures climbed more than 2% to finish at their highest level in nine months Thursday, lifted by optimism over Greece's latest bailout and mounting tensions with Iran. Click here to read the full article

Business News

Barnes & Noble Delivers New 8GB Tablet, Disappointing Earnings
But this is overwhelmingly likely to be Barnes & Noble’s best quarter this year. For B&N, 3Q12 bridges the holiday season and the beginning of the spring college semester. Its store sales were up in no small part because Borders, its primary competitor, was vaporized. Last year, the company made $60 million in the same quarter on less revenue; this year, Wall Street analysts were looking for a per-share profit of roughly $60 million on $2.53 billion in sales. Click here to read the full article
P&G to cut about 10 percent of non-manufacturing jobs
rocter & Gamble Co plans to cut a total of 5,700 nonmanufacturing jobs as part of a new plan to reduce costs by $10 billion by the end of fiscal 2016, Chief Executive Officer Bob McDonald said on Thursday. Click here to read the full article

Technology Focus

Comcast Steampix Joins Attack on Netflix
The service, called Xfinity Streampix, will be free for subscribers to Comcast's triple play service of TV, Internet, and phone. For other Comcast subscribers, Streampix will cost $4.99 per month, Variety reports. The service will be available on the Web, mobile devices and connected TV platforms, but Comcast hasn't announced any specific apps yet. Click here to read the full article
Apple ponders cash, caves on board-vote proposal
Apple Inc on Thursday adopted a measure long desired by investors and corporate governance activists, granting its shareholders a bigger say in the appointment of directors to the board of the world's most valuable technology company. Click here to read the full article

Your Money

U.S. Postal Service to Cut 35,000 Jobs as Mail Plants Close
The U.S. Postal Service, which predicts an annual loss of $18.2 billion by 2015, plans to eliminate 5.4 percent of its workforce by closing almost half its mail-processing facilities to decrease costs. Click here to read the full article
Published on Feb 23, 2012
By InvestorGuide Staff

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