US Markets End Mixed Despite Greece Getting Second Bailout (22-Feb-2012)
The US markets pared early gains and made a mixed closing on Tuesday, though European officials agreed to another round of aid for Greece, pushing the Dow industrials briefly above 13,000 for the first time since 2008. The euro zone ministers, the International Monetary Fund and the European Central Bank approved the second bailout but only after more than thirteen hours of negotiations. The second bailout agreed first in October was derailed as Greece faltered in implementing its austerity measures and European politicians demanded stricter conditions. The 130 billion euros, or $173 billion, financial package still left doubts, however, about how durable the fix would prove. An analysis by European and International Monetary Fund officials reportedly concluded Greece's debt could widen to 160% of its gross domestic product in 2020. The nation signed up to a program of austerity and economic reform aimed at slashing debt to 120.5 percent of gross domestic product by 2020 from about 160 percent last year. Besides, Spain auctioned €2.5 billion worth of treasury bills at lower yields.
In US, earnings at Home Depot rose while Wal-Mart Stores declined. The Home Depot, Inc., the home improvement retailer reported fourth quarter net sales grew 5.9% to $16.01 billion from $15.13 billion in the same quarter last year. Wal-Mart Stores, Inc., the operator of retail stores reported fourth quarter net sales rose 5.8% to $122.3 billion from $115.6 billion in the same quarter last year.
The Dow Jones Industrial Average closed higher by 15.82 points, or 0.12 percent, at 12,965.70. The S&P 500 gained 0.98 points, or 0.07 percent, at 1,362.21, while the Nasdaq was down by 3.21 points, or 0.11 percent, at 2,948.57.
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