S&P 500 Closes Lower for a Third Session; Dow Ekes Out Gain
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CNBC's Simon Hobbs reports on all the market moving events in Europe today, including
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European shares move lower after U.S. retail data disappoints. Solid demand and lower yields are seen during an Italian debt auction. Greek GDP drops by a 7 percent annual rate in Q4. The EU may take action against Spain for delayed austerity measures. Moody's warns it may cut the AAA ratings for the UK and France after cutting Spain, Italy, Portugal, Slovakia, Slovenia and Malta, yesterday. Euro zone finance ministers meet tomorrow in Brussels.
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The warning by ratings agency Moody’s that it may cut the triple-A ratings of two of the euro zone’s largest countries, France and the United Kingdom, was met with resignation by analysts and economists Tuesday.
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The Greek parliament’s approval of fresh austerity measures despite violent protests in Athens opened the door for a brighter disposition in markets and this could push stocks upwards, according to analysts.
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The European markets were expected to open higher Monday morning after a turbulent weekend in Greece.
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Rating agency Moody's warned on Monday it may cut the triple-A ratings of France, the United Kingdom and Austria, while it downgraded the ratings of Italy, Portugal, Spain, Slovakia, Slovenia and Malta.
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Moody's downgrades Portugal, Spain and Italy, and the Greek Parliament passes tough austerity measures. What it means for Greece and all of Europe, with Jeffrey Frankel, Harvard University.
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U.S. markets up slightly on the day, but are off their best levels, as traders try to determine whether the Greek deal is for real. The S&P nears the 1350 level. Financials lead the markets higher. Apple crosses over $500/share, but pulls back slightly. Google expects to win approval for its $12.5 billion purchase of Motorola Mobility.
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Italian Prime Minister Mario Monti’s claim that Italy's economy is stronger than Greece is supported by Italian economists and analysts, who argue that broad popular support for much-needed austerity in Italy will help it navigate the euro zone debt crisis.
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The outlook for Organisation for Economic Co-Operation and Development (OECD) countries has turned positive, according to the OECD.
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The European markets were expected to open higher Monday morning after a turbulent weekend in Greece.
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Underwater pumping operations began Sunday to remove some of the 500,000 gallons of fuel aboard the Costa Concordia, officials said, nearly a month after the cruise ship ran aground off Tuscany.
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"The distinction between Greece and Italy from the point of view of markets is massively different" than a few years ago, Italian Prime Minister Mario Monti told CNBC.
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David Malpass, Encima Global, and John Browne, Euro Pacific Capital, discuss Italian Prime Minister Mario Monti's efforts so far in addressing the debt crisis.
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Mario Monti, Prime Minister of Italy, discusses Italy's economy as Europe works to solve its debt crisis, with CNBC's Maria Bartiromo.
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Mario Monti, Prime Minister of Italy, discusses his meeting with President Obama: "The goal was to explain to the President what Italy is doing in terms of budgetary discipline but also for preparing for conditions for growth."
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Greek lawmakers continue to rangle over the country's austerity measures. Will recent events inspire investors to get out of the market? David Darst, Morgan Stanley Smith Barney, and Meg McClellan, J.P. Morgan Private Bank, discuss.
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CNBC's Jackie DeAngelis reports on U.S. markets and their down day, mostly in response to Greek austerity and economic data. The VIX is back over 20 for the first time this month. Activision beats the Street and boosts its dividend, but NPD data on game sales drives stock down. LinkedIn handily beats the Street and jumps 14 percent.
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Markets in Europe are mostly down as Greek opposition to the austerity plan heats up. Bank stocks are among the biggest losers. Spain approves sweeping labor market reforms. Four Greek ministers resign in protest over the new austerity package. Greece's police union threatens to issue arrest warrants for EU, IMF officials.
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After appearing to be resolved, Greece's bailout is unraveling again. Renewed fears of a Greek default sparked a broad selloff in financial markets Friday.
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A negotiated agreement to provide further aid for Greece is "much better" than a Greek exit from the euro, not just the country itself but for the wider euro zone as well, former Treasury Secretary Larry Summers told CNBC.