Major indices were down today, only barely managing to keep a multi-week gain streak going. Investors were anxious in part because Spain set lower deficit targets for itself than it had previously agreed to with European leaders, underlining the inherent ungovernability of the eurozone’s fiscal policy. In corporate news, Facebook added Citigroup Inc (C) as one of its lines of credit leading up to its initial public offering. The faltering Eastman Kodak (EK), meanwhile, sold off its online photo service to competitor Shutterfly (SFLY).
Word on the Street
- Stocks were down for the day and just barely up for the week.
- The Federal Reserve extended comment time on proposed risk regulations.
- The euro is down as Spain refused to fulfill its deficit obligations.
- More than 1.3 million Americans shifted from banks to credit unions last year.
- Facebook added Citigroup Inc. (C) to its lines of credit leading up to IPO.
- Eastman Kodak Co (EK) is selling off their online photo service to Shutterfly (SFLY).