Greek Downgrade Hits Markets Hard (WMT, HPQ)
PUBLISHED ON: May 17, 2012
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.