A slew of leadership changes in Europe brought markets down early in the day today, but by the end they had largely recovered and posted gains. US Treasuries reflected the uncertainty felt early in the day, as investors bought them up and drove down yields to three-month lows. In corporate news, Valero Energy Corp. (VLO) ousted Bank of America (BAC) from the 12th spot in this year’s Fortune 500 list, up from 24th last year. In his letter to shareholders, Groupon (GRPN) CEO Andrew Mason made the case that the company was not simply a direct marketing channel, but was going to “profoundly change the way we shop locally”.
Word on the Street
- Leadership changes in Europe rocked the markets this morning, but they mostly recovered.
- US Treasury yields fell as investors bought them up in response to Europe’s political situation.
- Valero (VLO) jumped in the Fortune 500 rankings year over year.
- Consumer credit in March rose by the largest amount in over ten years.
- Groupon (GRPN) CEO’s letter to shareholders discusses how they are disrupting local shopping.
- The US government may end up profiting from the AIG (AIG) bailout.