Nervousness About European Debt Weighs On Investors – Acadiana Business Index
- The Dow Jones Industrial Average down 7 points to 12,654.
- Financial companies led stocks lower after a ratings shake-up on the sector. Bank of America dropped 3%, the most among blue chips.
- Nervousness about European debt also weighed on financials. European leaders gathered in Brussels amid talk of requirements for greater fiscal discipline among members. Also, there has been a lack of progress on a Greek debt-restructuring deal.
- In corporate news, Gannett reported a 33% decline in profit as persistent advertising declines at its newspapers and lower television revenue more than offset growth in the publisher’s digital businesses. Shares fell 6.9%.
- Staples was also near the bottom of the S&P 500 day. Shares fell 4.9% after an analysis cut its rating on the company.
- Light, sweet crude settled at $98.78 a barrel.
- Gold closing at $1,731 an ounce.