Career News 24/7: GREECE GETS BAILOUT, DOW STALLS AFTER BRIEFLY HITTING 13,000: Here's What You Need To Know, February 21, 2012

Tuesday, February 21, 2012

GREECE GETS BAILOUT, DOW STALLS AFTER BRIEFLY HITTING 13,000: Here's What You Need To Know, February 21, 2012

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Tuesday, February 21, 2012

13,000 came and went.

First, the scoreboard:

Dow: 12,965.6, +15.8, +0.1%
S&P 500: 1,362.2, +0.9, +0.0%
NASDAQ: 2,948.5, -3.2, -0.1%

And now, the top stories:

Very early Monday morning in Brussels, eurozone leaders finally agreed on a deal that should clear the way for Greece to get its desperately needed 130 billion euro bailout funds. Among the terms, creditors will be taking a 53.3 percent writedown on their Greek bond holdings. The goal of the agreement is to get Greece's debt-to-GDP ratio down to 120 percent by 2020. However, according to a leaked memo obtained by the FT's Peter Spiegel, European leaders are concerned that certain austerity measures could be self-defeating, possibly worsening Greece's woes. BAILOUTS, BRIBES AND INSIDER TRADING: Here's What The World's Leading Business Looked Like 300 Years Ago >
European stock markets closed in the red for the day. Some analysts, including SocGen, have noted that there are still a lot of logistics to be considered. The press has also questioned whether or not the bailout would ultimately work.
In case you missed it, at 11:24 AM the Dow Jones Industrial Average broke through 13,000 for the first time since May 2008. Meanwhile, analysts continue to cut their projections for earnings growth. According to data compiled by FactSet, analysts now expect Q1 earnings for the S&P 500 to fall 0.2 percent year-over-year. Citi's Tobias Levkovich, who continues to be bullish on stocks for 2012, thinks markets are due for a breather.
Metals rallied today. Gold jumped to a 2-week high. Silver and copper each jumped by more than 3 percent. Mining stocks including Newmont Mining and Freeport McMoRan were winners today.
Wal-Mart, the world's largest retailer, reported disappointing quarterly earnings. Both revenue and earnings fell short of analysts' estimates. The discount retailer's results got pressured by heavy holiday discounting activity.
Home Depot, the do-it-yourself home improvement retailer, reported better-than expected results. The unseasonably warm winter helped drive consumers into stores. Those customers also spent on average 2.4 percent more than they did a year ago.
Shares of Wynn Resorts rallied. The company has been in an ugly battle with one of its co-founders, billionaire Kuzuo Okada. Over the weekend, Okada was reportedly forced out of the company.
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