Markets Down on Greece, Fed Statement (JCP, LUV)
PUBLISHED ON: May 16, 2012
Stocks were down again today as the Federal Reserve warned of an impending fiscal tightening, and the situation in Greece remained unresolved. In corporate news, J. C. Penney (JCP) took $163 million in losses in Q1. Southwest Airlines (LUV) had to delay delivery on 30 jets in order to save an estimated $1 billion.
Word on the Street
- The situation in Greece and pessimistic statements from the Fed sent stocks down today.
- The FTC is fining Sketchers $40 million for its misleading statements.
- Oil is at a 6-month low.
- The Federal Reserve is concerned about a "fiscal tightening".
- Southwest (LUV) had to delay delivery on 30 jets to save comney.