By Christine Gaylican: Subscribe to Christine's RSS feed
February 21, 2012 6:00 PM EST
FROM MORRISON SECURITIES PTY. LTD:
U.S. STOCK MARKETS
The Dow Jones Industrial Average pierced the 13000 level for the first time since before the financial crisis, but traded largely below the mark during a choppy session in which stocks were negative at times.
The Dow broke 13,000 before noon Tuesday and a handful of other times throughout the day, but was down 17 points, or 0.1%, at 12933 in afternoon trading. The Dow last traded at 13,000 on May 20, 2008.
The last time the Dow closed above that level was May 19, 2008. Back then, the index was on the way down from its historic high of 14,198 in October 2007.
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Now, the milestone is just the latest step in a rally that has brought the index up 22% since early October amid encouraging U.S. economic data, with stocks a bargain relative to corporate profits. Though the round number means little in terms of investing fundamentals, it signals resurgent market faith from investors.
The Standard & Poor's 500-stock index was down 2.8 points, or 0.2%, to 1358. The Nasdaq Composite was down 17 points, or 0.6%, at 2935.
Four of the S&P sectors were higher, led by energy and telecommunications stocks. Healthcare shares weighed on the index. Among blue chips, Alcoa rose the most, gaining 2.4%, followed by Chevron, which was up 1.5%.
Euro-zone finance ministers agreed to a EUR130 billion rescue deal that requires private creditors to take a 53.5% write-down on their Greek debt.
That is more than the 50% agreed on in October. In corporate news, Wal-Mart Stores slid 4.4% after the retailer reported somewhat disappointing fiscal fourth-quarter results.
Home Depot rose 0.2% after the home improvement retailer's fiscal fourth-quarter earnings exceeded expectations. Wynn Resorts climbed 6.5% after the casino operator said it has asked co-founder Kazuo Okada to resign from the board after an investigation found him to be unsuitable. GTx slumped 34%. The company said the Food and Drug Administration placed a hold on clinical trials evaluating GTx's prostate-cancer treatment following reports of increased risk of blood clots.
EUROPEAN STOCK MARKETS
European stock markets closed lower Tuesday, as investors shifted their focus to Greece's underlying debt problems after euro-zone finance ministers earlier approved terms of a bailout package for the country. The pan-European Stoxx Europe 600 index declined 0.5% to 266.78, snapping a four-day winning streak.
Negative sentiment spread across Europe, after euro-zone finance ministers ended a marathon meeting early Tuesday with an agreement to provide Greece with EUR130 billion as part of a fresh bailout package. Greece also reached a deal with private bond holders to cut more than 53% on around EUR200 billion worth of debt.
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