All 10 Groups in the S&P Index Drop -- European Union Summit to Take Place Later This Week
June 27 2012 - 8:20AM
Marketwired
Energy and financial shares in the S&P 500 saw the biggest
losses Friday, as all 10 groups in the index fell on concerns the
European Union Summit will do little to ease Europe's growing
financial crisis. "Declining oil prices and near-record low bond
yields indicate slowing global growth, while elevated sovereign
credit spreads and a strong U.S. dollar suggest the European crisis
is nowhere near being resolved," said Mandy Xu, an equity
derivatives strategist at Credit Suisse. Five Star Equities
examines the outlook for companies in the S&P 500 and provides
equity research on Kraft Foods Inc. (NYSE: KFT) and The SPDR
S&P 500 ETF (NYSE Arca: SPY).
Access to the full company reports can be found at:
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The European Union summit will begin on June 28 and will be the
European leaders first meeting since the Greek elections on June
17. German Chancellor Angela Merkel has stated her resistance to
debt sharing in Europe. "It's not a bold prediction to say that in
Brussels most eyes -- all eyes -- will be on Germany yet again,"
Merkel said. "I say quite openly: when I think of the summit on
Thursday I'm concerned that once again the discussion will be far
too much about all kinds of ideas for joint liability and far too
little about improved oversight and structural measures." State
Street Corp. predicts the euro will likely fall to $1.20 by the end
of the year as the region's debt crisis grows.
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Kraft Foods is a global snacks powerhouse with an unrivaled
portfolio of brands people love. The company markets products in
approximately 170 countries, in 2011 Kraft had revenues of $54.4
billion. The company recently announced that it will transfer its
stock exchange listing to The NASDAQ Global Select Market from the
New York Stock Exchange. The company said that its decision to
transfer to The NASDAQ will yield greater cost efficiencies, while
providing visibility advantages for the company's iconic
brands.
The SPDR S&P 500 ETF is a fund that, before expenses,
generally corresponds to the price and yield performance of the
S&P 500 Index. The S&P 500 Index is comprised of five
hundred selected stocks, all of which are listed on the NYSE Arca,
and spans over 24 separate industry groups. The SPDR S&P 500
ETF fell roughly 1.6 percent Monday, but is still up nearly 5
percent for the year.
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