Judging from today's 14-point decline in the Dow Jones Industrials (^DJI 1.00%), you'd think that nothing much happened in the markets today. From one perspective, that's accurate, as negotiations over the fiscal cliff didn't reach a quick resolution, and both sides seem to be rallying their supporters rather than coming to a compromise. In Europe, though, stocks finished flat to slightly up on optimism over a potential Greek solution and forward motion on Spain's bailout bid.
Among Dow components, Home Depot (HD 1.35%) was the biggest decliner with a loss of just over 1%. The move is somewhat surprising, given that the home-improvement retailer usually moves higher with positive housing news. With Toll Brothers (TOL 0.41%) having announced a 48% jump in revenue in its most recent quarter along with a 75% surge in signed contracts, things are looking up for housing. Yet Home Depot has already been setting a series of highs going back more than a decade, so a small correction shouldn't be a cause for long-term concern.
Verizon (VZ 0.51%) also fell 1%. Fool contributor Dan Carroll earlier today cited a report showing the first-ever decline in text messaging among U.S. consumers. With off-plan texts bringing in an extra $0.20 per message in revenue, any decline represents significant cash flow implications for Verizon.
Finally, Chevron (CVX -0.38%) dropped two-thirds of a percent. The oil giant faces a suit from Spanish oil company Repsol over Chevron's contract with YPF to develop oil and gas properties in Argentina. Repsol had a majority interest in YPF seized by the Argentine government, and it has said that it will take legal action against any company seeking to do business with YPF after the seizure.
