U.S. stocks retreated, following last week’s decline, amid concern that a meeting of European leaders will fail to help contain the region’s debt crisis. (Hmmmm...Dear Europe: CONTAIN YOURSELVES, for the love of God, and your OWN mother)
June 25 (Bloomberg) -- Jim O'Neill, Goldman Sachs Asset Management chairman, talks about the European debt crisis, central bank monetary policy, and the economies of the U.S. and so-called BRIC nations. O'Neill speaks with Tom Keene, Ken Prewitt and Sara Eisen on Bloomberg Television's "Surveillance." (Source: Bloomberg)
The Standard & Poor’s 500 Index slipped 1.4 percent to 1,317 at 9:47 a.m. New York time. The benchmark index for American equities snapped a two-week rally on June 22. The Dow Jones Industrial Average declined 145.61 points, or 1.2 percent, to 12,495.17. Trading in S&P 500 companies was almost in line with the 30-day average at this time of day.
Billionaire investor George Soros called on Europe to start a fund to buy Italian and Spanish bonds, warning that a failure by leaders meeting on June 28 to produce drastic measures could spell the demise of the currency. (Doomsday prediction...could be onto something...) German Chancellor Angela Merkel rejected joint euro-area bonds or bills, saying that introducing shared debt now would be “counterproductive.” (But the steps taken thus far: thinking about possibly coming up with a solution in the not so distant future when shit may or may not hit the fan next month, have been extremely productive...)
“I don’t really see the euro coming unwound if the June 28 meeting doesn’t go well,” said James Paulsen, the chief investment strategist at Minneapolis-based Wells Capital Management. His firm oversees about $333 billion. “Yet we’re going to stay sensitive to news out of Europe until we get better economic reports out of the U.S.” (Sensitive Sallie's over here)
Signs of slower growth and concern over Europe’s crisis pushed stocks down 7.2 percent from an almost four-year high in April. Data today may show that demand for new homes probably rose in May for the second month as mortgage rates dropped, bolstering the residential real-estate market while other parts of the economy cool, economists predicted. (and our chances of retirement just dropped from slim to nil...whelp, smoke em if you got em...cause we're not retiring in THIS lifetime...and possibly the next. Thanks, Europe. Way to make our Mondays THAT much better...yep, thanks a lot...looks like someone's got a case of the Mondays....)