EU Urges Economic Reform and Causes US Indices to Fall (FB, AAPL)
Global economic fears caused stocks to fall on Wednesday and erase most of the previous session's gains. European Commission officials called for economic reform and growth in youth employment, and a shift in focus away from monetary programs. Also the IMF cut its forecast for China's growth in 2013 and 2014. On Wednesday the D11 Conference for tech and media leaders began and Apple (AAPL) saw shares rise as CEO Tim Cook discussed potential products. Nasdaq OMX Group (NDAQ) reached a settlement with Facebook (FB) over IPO charges and agreed to pay $10 million.After three positive days Tesla (TSLA) turned lower on investor concerns. The US dollar fell against both the euro and Japanese yen and erased most of yesterday's gains as well.
Word on the Street
- EU confirms shift in policy and focus to economic reforms.
- US banks earn record earnings for the January-March quarter.
- Netflix (NFLX) falls over 6% despite revival of Arrested Development.
- After yesterday's rally energy stocks like Exxon (XOM) and Total (TOT) stumble.
- Nasdaq agrees to pay $10 million for Facebook (FB) settlement.
- Citigroup (C) settles with the Federal Housing Finance Agency.
Published on May 29, 2013By InvestorGuide Staff