Stocks Ended Lower on Greek Woes

U.S. stocks declined on Tuesday, with the Dow industrials ending near a four-month low, as economic reports failed to deflect the latest breakdown in Greeceā€™s attempts to form a coalition. The Dow industrials fell 63.35 points, or 0.50%, to 12,632.00. The S&P 500 dropped 7.69 points, or 0.57%, to 1,330.66. The Nasdaq Composite shed 8.82 points, or 0.30%, to 2,893.76.

European Union finance ministers broke an impasse Tuesday and agreed on a plan to force banks to hold more capital as a buffer against the unexpected.

Home builder sentiment improved in May to the highest reading since the recession on an upturn in sales and traffic, a trade group said Tuesday. The National Association of Home Builders/Wells Fargo housing market index rose to 29 from 24 in April. The April index was initially reported to be 25.

The woes of Chesapeake Energy Corp are hitting shareholders hard, including its employees. Thousands of Chesapeake workers have retirement portfolios that are heavily invested in Chesapeake stock, which has declined sharply following revelations about Chief Executive Aubrey K. McClendon’s business dealings.

J.C. Penney Co. (NYSE:JCP) said on Tuesday that it swung to a first-quarter loss of $163 million, or 75 cents a share, from a profit of $64 million, or 28 cents, a year earlier. Sales fell 20% to $3.15 billion. On an adjusted basis, the company said it lost 25 cents a share.

Crude futures closed below $94 a barrel on Tuesday. Crude for June delivery (CLM2) fell 80 cents, or 0.8%, to settle at $93.98 a barrel on the New York Mercantile Exchange. Prices reached a fresh settlement low for the year.

About the Author

has written 14659 stories on this site.

Copyright © 2012 Nine Stocks