Stocks Flat on Wednesday as Investors Worry Over Euro Zone (FB, AOL)
The Dow was down 33 points and the S&P and NASDAQ were relatively unchanged on Wednesday following weak demand at an Italian debt auction, which fueled concerns over the financial stability of the euro zone. The debt crisis in Cyprus remained on trader's minds, with it's banks scheduled to reopen on Thursday with strict withdrawal limits in place. The S&P remained close to its all time closing high, needing just 3 more points to break the mark set in 2007. New home sales slid 0.4% in February, which was twice what analysts had predicted. Shares of Facebook (FB) rose 3.5% as the company announced a new ad plan with hopes to increase it's ability to monetize users.AOL (AOL) also had a strong day, with shares rising 8% after an analyst at Barclay's upgraded the stock.
Word on the Street
- Cliffs Natural Resources (CLF) dropped nearly 14% on news of a Morgan Stanley downgrade.
- Wells Fargo & Co. announced that it had resolved a glitch with its debit cards.
- Wal-Mart (WMT) introduces "lockers" as it battles Amazon (AMZN).
- The merger between American Airlines and US Airways (LCC) received court approval.
Published on Mar 27, 2013By InvestorGuide Staff