Credit Crumbles, Stocks Slump, Greek Troubles
Stocks slumped steeply lower today on a crumbling consumer credit reading. Borrowing dropped 11.5 billion in February, the 12th drop in the last 13 months. A strong 10-year Treasury auction failed to offset the credit worries. Continued international woes from Greece’s beleaguered economy added to the bearish tone of the session. The DJIA, led lower by Caterpillar and American Express, fell -72.47 to 10897.52. The tech heavy Nasdaq gave back -5.65 to 2431.16 and the broad based S&P 500 dipped -6.99 to 1182.44.
^ZLC^: Three venture firms are jockeying to take a stake in the jeweler sending sharply higher 22.87% or 67 cents to $3.60.
^KEY^: A Goldman Sachs upgrade to “buy” triggered shares to rise 0.59% or 5 cents to $8.52 for Ohio’s second largest lender.
^FDO^: Beat estimates by 3.5% sending the stock higher by 3.04% or $1.15 to $38.94.
^CKR^: The takeover bid was upped from the original with shares climbing 6.59% or 73 cents to $11.81.
Oil fell $1.19 to $85.65, gold advanced $13.20 to $1149.60, and the VIX fear index added just 2.40% to 16.62.
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