Markets Retreat on Worries Over Italy's Elections (LOW, BKS, MS, BAC)
Although they started the day strong, all major indexes ended Monday down more than 1% as investors worried that the outcome of the Italian election could put a damper on Europe making it through its financial crisis. The Euro continued to lose ground to the US Dollar as it fell below $1.31 for the first time since early January. Shares of retailer Lowe's (LOW) retreated on earnings that disappointed analysts, while Barnes & Noble (BKS) soared over 11% after the company's Chairman announced plans to purchase the retail assets of the bookseller.Among the sectors that lost ground for the day, bank stocks took the biggest hit with Morgan Stanley (MS) down 7% and Bank of America (BAC) down 4%.
Word on the Street
- HP (HPQ) announced plans for a low-priced tablet to compete with Apple (AAPL), due out in April.
- Gold prices rose on Monday amid worries that the economy could stumble.
- General Motors (GM) tapped a Volkswagen exec to market the Chevrolet brand.
- Shares of Zynga (ZNGA) gained after news that the company would be cutting about 1% of its workforce.
- Moody's downgraded the U.K.'s AAA credit rating on Friday over weakness in the country's medium-term growth outlook.
Published on Feb 25, 2013By InvestorGuide Staff