Greek Downgrade Hits Markets Hard (WMT, HPQ)

New of a credit downgrade for Greece knocked major indices down by over 1 percent today, with the Nasdaq down over 2 percent. Treasury yields fell, and 30-year mortgages hit a record low. In corporate news, Wal-Mart (WMT) saw its Q1 net income increase by 10 percent. It is being reported that Hewlett-Packard (HPQ) is going to cut between 25,000 and 30,000 jobs.

Word on the Street

• Stocks were down for the day on euro zone fears.
• Fitch Ratings downgraded Greece’s sovereign debt rating.
• US raises tariffs on China’s solar panels.
• 30-year mortgage rates fell to a record low.
• Wal-Mart (WMT) beat its profit target.
• Hewlett-Packard (HPQ) is reportedly going to be cutting tens of thousands of jobs.

Interesting Tidbits

• Will Europe Lose the War Between the States?
• Who is Responsible for the Greek Tragedy?