Stock Up on Greek Debt Deal (WFC, MCD)
PUBLISHED ON: Mar 8, 2012
Major indices were up across the board today, recovering in full from the dramatic drop two days ago. It is looking increasingly likely that the Greek debt swap deal will go through, as over 75 percent of bondholders have signaled that they are willing to sign on. Jobless claims were also slightly up from the week before, but the news from Greece seemed to trump this. In corporate news, Well Fargo (WFC) is expanding its checking account fees to six more states, part of an ongoing trend of big banks adding additional fees to consumer accounts.McDonald's (MCD) saw a slowdown in international sales.
Word on the Street
- With nearly all of the bondholders on board with the Greek debt swap, investors showed their confidence in the markets.
- Facebook has managed to build up credit lines amount to $8 billion.
- Wells Fargo (WFC) has expanded its checking account fees into more states.
- Barclas (BCS) predicts that unemployment will fall even though more people will be seeking work.
- Household after tax income in late 2011 rose.
- McDonald's (MCD) has seen a slowdown in its international growth.
Posted in ...Daily Market Commentary