US Markets Rebound Despite Spain Rate Cut, OPEC Decision (DELL, AOL)
Markets rebound Thursday despite a few concerning economic events. Moody's (MCO) cut Spain's debt rating, sending the nations borrowing costs through the roof and putting more pressure on the European Union and European Central Bank to provide relief. OPEC announced they would keep oil production at its current level, despite the dwindling US supply. In corporate news, Dell (DELL) shares rose after paying out its first ever dividend on Wednesday as the computer maker looks toward the future.In other tech news, AOL's (AOL) CEO gets re-elected, a move that has angered investors.
Word on the Street
- Moody's (MCO) cuts Spain's debt rating sending the troubled nation's borrowing costs to its highest in the euro-era.
- Slow recovery of the US job market and stagnant consumer prices signify need for more federal intervention.
- OPEC decides to leave oil production at its current levels despite decline in US supply.
- Dell (DELL) initiated its first dividend Wednesday, sending shares higher on Thursday.
- AOL (AOL) CEO gets re-elected and is met with dismay from investors.
- Costco (COST) buys out Mexican partner for $760 million.
- Scott Miracle-Gro (SMG) can't grow its market cap as shares plummet.
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Published on Jun 14, 2012By InvestorGuide Staff