Spain’s recession and extremely slow business activity have lowered the Standard and Poor’s 500 Index despite a positive four-month streak.
Caterpillar Inc., Monsanto and Bank of America all fell a minimum of 1.7%, while Humana Inc. slid a whopping 8.1%. NYSE Euronext dropped as well, and also recorded an almost 50% fall in revenue.
Microsoft’s recent announcement of its plans to invest $300 million in Barnes & Noble boosts the bookstore franchise by more than 50%.
Both the S&P 500 and the Dow Jones Industrial Average fell throughout April, however, and economies across the globe continue to struggle with credit debt, lower export demand and numerous other concerns. Spain’s second recession since 2009 and negative Bloomberg forecasts have has serious impacts on both the U.S. and global economies.
“Europe is a chronic situation,” said Russ Koesterich of IShares BlackRock Inc. “Even under a best-case scenario, where there’s no banking crisis, the reality is it’s going to be a very slow process. While you’ve got evidence that the U.S. is recovering, the rebound will be uneven.”
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