Stocks Fall on Monday Despite US Home Sales Reaching Two-Year High

On Monday skepticism reigned as stocks declined and investors awaited the upcoming meeting of European leaders in response to the debt crisis. Concerns about the end-of-week EU summit grew despite the report of the highest US new home sales in two years this May, beating previous expectations. In Europe, both Cyprus and Spain requested bailouts from the EU. In company news, Microsoft (MSFT) announced its plan to buy Yammer, a social network site providing services similar to Facebook (FB), for $1.2 billion, and Constellation Brands Inc. (STZ) came out with a possible report to buy Corona brewer Grupo Modelo SAB.
Chesapeake Energy Corp.'s (CHK) shares dropped after news surfaced about colluding with a Canadian natural gas firm over suppressing land prices.

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Published on Jun 25, 2012
By InvestorGuide Staff

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