Stocks Slide Into Red after ECB Decision on Greece

U.S. stocks ended a volatile session lower on Wednesday, after ECB said that it is lifting a waiver on using Greek debt as collateral. The Dow Jones industrial average rose 6.62 points, or 0.04%, to 17,673.02. The S&P 500 lost 8.52 points, or 0.42%, to 2,041.51. The Nasdaq Composite dropped 11.03 points, or 0.23%, to 4,716.70.

The European Central Bank has revoked a waiver that allowed banks to use Greek government debt as collateral for loans. The ECB, in a statement late Wednesday, said it was no longer able to assume there would be a successful conclusion to the Greek government’s bailout talks with its lenders.

Twenty-First Century Fox Inc’s (FOXA.O) quarterly revenue beat analysts’ estimates, helped by growth in its cable network and film studio businesses. Net income attributable to shareholders jumped to $6.21 billion, or $2.88 per share, in the second quarter Dec 31, from $1.21 billion, or 53 cents per share, a year earlier.

Yum Brands reported quarterly earnings that missed estimates and revenue that edged above. The company posted fourth- quarter earnings of 61 cents per share, down from 86 cents a share in the year-earlier period. Revenue decreased to $4 billion from $4.18 billion a year ago. Yum Brands (YUM) was expected to deliver earnings of 66 cents per share on $3.97 billion in revenue.

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