The Dow Jones Industrial Average
|Dow Jones Industrial Average||-71.52 [-0.54%]||13,126.21|
This morning at 8:30, the Department of Commerce reported that orders for durable goods (goods with a long life -- for example, appliances, cars, and jets) rose a seasonally adjusted 2.2% in February. However, economists had expected 2.9%, and the market fell on the miss.
After months of worries over whether Greece would default, a bailout package was recently passed, and all seemed well in Europe. Now new fears have arisen on the continent, as Portugal's economy is looking weak, and investors fear it could default. That's a problem for Spain, as many of its banks own Portuguese bonds. Fears picked up today, when Citigroup's chief economist said Spain is likely to require an international bailout much like the one Greece had. Those comments follow words over the weekend from Italy's prime minister, who said that Spain "certainly made profound reform of the labor market, but it did not pay the same attention to public finances" -- suggesting that Spain's finances are not in good shape.
Bank of America
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Dan Dzombak owns shares of Bank of America, but he holds no other position in any company mentioned. Like his Facebook page to follow his investing articles. The Motley Fool owns shares of Bank of America. The Motley Fool has a disclosure policy. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.