With investors convinced stocks are going higher, economic data improving and Greece's debt crisis moving toward a conclusion, now could be the perfect time for a market pullback.
Stocks came off their lows but still logged a weekly decline, with the S&P and Nasdaq snapping a 5-week winning streak, following stalled debt talks in Greece, some disappointing economic reports and after S&P downgraded a handful of Italian banks.
Stock index futures accelerated their losses Friday after euro zone finance ministers withheld further aid for Greece and demanded more cuts in return for a second bailout.
European shares ended the week lower after euro zone leaders imposed further conditions on Greece to receive its next rescue package and the country's far-right leader said he could not vote in favor of the bailout deal.
Citigroup was forced to write off $50 million after two traders accused of attempting to influence global lending rates left the bank, according to people familiar with a worldwide investigation that is gathering pace, the Financial Times reports.
Greek political leaders said they had clinched a deal on economic reforms and spending cuts needed to secure a second bailout, but euro zone finance ministers demanded more measures and a parliamentary seal of approval before providing the aid.
DBS Group, Southeast Asia's biggest lender, posted an unexpected 8 percent rise in quarterly earnings as strong loans growth more than made up for subdued interest rates.
Newcrest Mining, the world's no.3 gold miner, beat market forecasts with a 17 percent jump in half-year underlying profit on Friday, buoyed by soaring gold prices, and rewarded shareholders with a healthy dividend increase.
Asian shares ended lower on Friday, as investors remained concerned about Greece's commitment to debt restructuring even after it struck a long-awaited deal on fiscal reforms to secure crucial funding.
Thursday, 9 Feb 2012 | Posted By:
| Source: CNBC.com
Investors who counted on an orderly resolution to the Greek debt crisis appear to have gotten what they wanted. But the question now is: What happens next?