Posts tagged spain
Posts tagged spain
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Trust accounts require advisers to be even more diligent in putting the interests of clients ahead of the banks’.
This week, an Oklahoma judge found that JPMorgan Chase had been “grossly negligent and reckless” in its administration of one client’s trust account and ordered the bank to pay $18 million.
Getting pelted with tomatoes may sound like a punishment reserved for medieval rogues in the stocks, but it’s all in the name of fun at La Tomatina. For one morning a year, the small town of Buñol in eastern Spain dissolves into the world’s greatest tomato fight.
Some 140 tonnes of the squishy red beauties are trucked in for the running battle, which is concentrated around Plaza del Pueblo and attracts 30,000 visitors.
Read More: Lonelyplanet
Stocks Slammed due to Spain
Stocks fell for a second straight session on Monday, as Spain appeared closer to needing a national bailout and poor corporate results weighed on the market.
Weak results from McDonald’s Corp (MCD) added to the cautious tone on Wall Street. Materials stocks were among the day’s weakest, hurt by across-the-board declines in commodity prices.
Still, stocks ended well off the day’s lows, rebounding from their initial plunge. Stocks appeared to stabilize as the S&P 500 approached its 50-day moving average of 1,332.98, a technical support level that could trigger more losses if convincingly broken.
Overall, three stocks fell for every one that rose on the New York Stock Exchange on Monday, a signal that the afternoon rebound was concentrated among larger-cap shares. On the Nasdaq, about four stocks fell for every one that rose.
“The sell-off this morning was overdone, and obviously, the market felt that way, too,” said Eric Green, senior portfolio manager and director of research at Penn Capital Management in Philadelphia, which oversees $6.5 billion.
Source: Yahoo Finance News
BLAME SPAIN: Stocks crumpled from the start of trading on news that Madrid was facing its highest borrowing costs since the launch of the euro. The Dow Jones industrial average dropped 101 to close at 12,721.
GREEK FEARS: In addition to Spain, investors are worried that Greece might get cut off from emergency loans it needs to avoid default. On Tuesday, inspectors from its international creditors arrive in the country to check on its progress in cutting its budget.
WIDESPREAD SELLING: It wasn’t just U.S. stocks that suffered. European and Asian stocks were down sharply. And the euro fell to its lowest point against the dollar in two years. Commodities dropped, too.
Global stocks were steeply lower on Monday and the euro fell to its lowest level in two years as concerns about Spain’s financing problems plagued markets anew.
Following on the heels of Europe and Asia, the sell-off caught fire on Wall Street in early trading. By midday, the losses had moderated, with the Dow Jones industrial average down 1.1 percent, or 138 points, and the broader Standard & Poor’s 500 was down 1.3 percent. The Nasdaq fell 1.8 percent.
The trend in the United States was set in global markets after Spain’s borrowing costs soared to record levels, with the yield on the 10-year Spanish government bonds hitting as high as 7.5 percent. At that level, many analysts fear Spain could eventually be shut out of public markets and forced to seek a Greek-style bailout.
In another sign of the market worries, Spain’s stock market regulator banned short-selling of all stocks for three months, citing “extreme volatility.” Italy enacted a similar but shorter ban.
The trend of better-than-expected earnings will be put to the test in the coming week when investors hope Apple (AAPL.O) can exceed already high expectations for the tech giant and Facebook (FB.O) reports its first quarterly earnings.
Apple accounts for a significant proportion of the overall earnings of Standard & Poor’s 500 .SPX components. S&P 500 earnings are expected to show a rise of 5.7 percent in the second quarter from a year ago. Excluding the maker of the iPad, the rise is 4.8 percent, according to Thomson Reuters data.
Apple’s results, due Tuesday, could help stocks build on this week’s gains and counter investor worries over the euro zone crisis. More signs of financial stress in Spain on Friday caused stocks to give back some of the week’s increase. The S&P 500 ended 0.4 percent higher for the week.
(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)
Read More: Reuters
The Clash - Spanish Bombs
Wall Street falls as Spain bailout feared
Stocks broke a three-day winning streak on Friday as Europe’s debt crisis engulfed markets with renewed fears that Spain may be unable to dodge a costly bailout.
The news that the heavily indebted region of Valencia asked Madrid for financial aid interrupted a period of relative calm for Wall Street and raised the specter that the euro zone’s fourth-largest economy may itself need to be rescued.
Bank shares, sensitive to signs of trouble in Europe, were among the biggest losers. The KBW bank index (.BKX) fell 1.9 percent, taking its weekly decline to 2.3 percent. Shares in Morgan Stanley fell 3.5 percent to $12.78.
Read More: Yahoo Finance News