Results 1 to 2 of 2

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

  1. #1
    Senior Member JohnDoe2's Avatar
    Join Date
    Aug 2008
    Location
    PARADISE (San Diego)
    Posts
    99,040

    Triple-digit Dow surge ahead of Greek vote

    Triple-digit Dow surge ahead of Greek vote

    By Hibah Yousuf and Ken Sweet
    June 21, 2011: 4:47 PM ET

    NEW YORK (CNNMoney) -- Stocks posted solid advances on Tuesday, with technology shares leading gains, as investors awaited the confidence vote for Greek Prime Minister George Papandreou later tonight.

    A smaller-than-expected decline in existing home sales also helped lift markets.

    The Dow Jones industrial average (INDU) rose 110 points, or 0.9%, with 26 of the blue-chip index's 30 components moving higher.

    Aloca (AA, Fortune 500), Caterpillar (CAT, Fortune 500) and DuPont (DD, Fortune 500) led the gains, with shares up more than 3%. Procter & Gamble (PG, Fortune 500) was the biggest laggard, down roughly 1%.

    The S&P 500 (SPX) added 17 points, or 1.3%, and the tech-heavy Nasdaq Composite (COMP) jumped 58 points, or 2.2%.

    The Nasdaq was led higher by Research in Motion (RIMM), whose shares surged in the last hour of trading on heavy volume, closing up more than 10%. The move comes less than a week after the BlackBerry maker's shares plunged more than 20% after missing estimates and announcing layoffs.

    Whole Foods Market (WFM) was also a top performer on both the S&P and Nasdaq. The grocer's shares spiked more than 6% one day after its rating and price target were raised by BMO Capital Markets.

    Traders remain heavily focused on Greece's vote of confidence, to be held by the Greek parliament after the U.S. markets close. The vote is expected to determine whether Papandreou's government has the strength to avoid a default and secure a rescue package.

    http://money.cnn.com/2011/06/21/markets ... gletoolbar
    NO AMNESTY

    Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.


    Sign in and post comments here.

    Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn

  2. #2
    Senior Member JohnDoe2's Avatar
    Join Date
    Aug 2008
    Location
    PARADISE (San Diego)
    Posts
    99,040
    Greek leader survives confidence vote despite austerity protests

    By the CNN Wire Staff
    June 21, 2011 7:31 p.m. EDT

    Greek PM wins backing for bailout cuts

    Athens, Greece (CNN) -- Greek Prime Minister George Papandreou's reshuffled Cabinet survived a vote of confidence early Wednesday despite widespread opposition to budget cuts he says are needed to prevent a government default.

    International lenders have demanded Greece cut spending, lay off public workers, raise taxes and raise 50 billion euros ($71 billion) through selling off state-owned enterprises in exchange for another bailout deal for the cash-strapped nation. Weeks of protests against the austerity measures spurred Papandreou to shake up his government last week, leading to Wednesday's 155-143 vote.

    Analysts warn that a Greek default could cripple the euro, the European Union's common currency, and send shock waves throughout the world economy. Lawmakers are slated to vote on the privatization plan and further tax increases, pension cuts and layoffs on June 30, and European Commission President Jose Manuel Barroso warned Greece risks being abandoned by both Europe and the International Monetary Fund if it fails to act.

    "There is no alternative to this program. Let's face it," Barroso told CNN on Tuesday. "And that's why it has to be clear. We need Greece to deliver, and if Greece wants this program of support, Europe is ready to support it."

    Greek Finance Minister Evangelos Venizelos said Tuesday he was encouraged by bipartisan support he received from main opposition leader Antonis Samaras on the austerity plan, which Venizelos said he would take to Eurogroup ministers July 3.

    Harsh reforms designed to help reduce Greece's enormous budget deficit have so far led to tax hikes and public-sector job losses alongside already record-high unemployment. Papandreou faces opposition from within his own ruling socialists over the austerity measures needed to secure an additional bailout package.

    On Sunday, international lenders demanded that Greece stick with tough austerity measures and raise billions of euros by selling off state assets in exchange for further support. Airports, highways and state-owned companies as well as banks, real estate and gaming licenses will all go on the auction block.

    On June 9, the Cabinet approved a tough five-year plan for 2011-15 and introduced a bill in Parliament to put austerity measures into effect. The government proposes reducing the public-sector workforce by 150,000; workers will also face changes in working hours, practices and wages, and the plan also sets out changes to social benefits, including pensions and unemployment aid.

    Protests against those plans turned violent June 15 as demonstrators threw gasoline bombs at the Finance Ministry and police fired tear gas at protesters, police said. But Papandreou did not change course, telling lawmakers over the weekend, "The government must stop spending more than it takes in."

    According to the Finance Ministry, these measures will help achieve 28.3 billion euros ($40.5 billion) in cuts from 2012 to 2015 and shrink Greece's public deficit to less than 3% of gross domestic product, in accordance with the EU target.

    http://www.cnn.com/2011/BUSINESS/06/21/ ... gletoolbar
    NO AMNESTY

    Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.


    Sign in and post comments here.

    Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •