|
European leaders also gathered in Brussels, focusing on how to stimulate economic growth when huge government spending cuts threaten to push many countries back into recession. The latest data showed Spain's economy shrank in the last three months of 2011. In other trading, the Standard & Poor's 500 index fell 3.32 points, or 0.3 percent, to 1,313.01. The Nasdaq composite lost 4.6 points, or 0.2 percent, to 2,811.94. The euro dropped 0.5 percent against the dollar, to $1.3124 in late trading Monday from $1.3208 late Friday. It was worth almost $1.50 in May. European stocks sank. French and Spanish stock markets closed down 1.6 percent. Italian stocks closed down 1.2 percent and German stocks 1 percent. Among stocks making big moves Friday: The fast-food chain Wendy's fell 3.8 percent. The Wendy's Co. said a key measure of earnings dropped 30 percent in the fourth quarter. Charges from selling Arby's offset the effects of a jump in sales. PharMerica Corp. plunged 11 percent. The Federal Trade Commission said it was suing to block rival pharmacy company Omnicare Inc. from completing its $457 million takeover of PharMerica. The agency said a merger of the country's two largest long-term care pharmacies would raise the cost of Medicare prescription plans covering drugs for nursing home residents. Stock in Omnicare Inc. fell less than 1 percent. Thomas & Betts Corp. soared 23 percent on news that Swiss engineering group ABB Ltd. agreed to buy the maker of power lines and other electrical products for $3.9 billion in cash.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor