Today started off with favorable prospects, as European markets were enamored with GDP growth in Germany, which came in above expectations -- even though it wasn't a strong showing. With the day starting off at home with the release of April retail sales and consumer price index figures, it looked like Greek issues would hold off for the day. But Europe's ongoing issues resonated throughout the market, and the Dow Jones Industrials
Greek depositors withdrew close to $900 million from local banks, increasing the dire situation the troubled nation is already facing. The banking system is already teetering on the edge of collapse, and the withdrawals will only magnify the issue, as deposits have been declining since the debt crisis began three years ago. Fears are growing over Greece's inability to form a coalition government, and its potential for exiting the eurozone is increasing in likelihood, causing even more uncertainty in an already volatile market.
Aside from seeing U.S. stock markets lose the day in the final hour of trading, today also saw oil and gold prices continue to fall. Futures for June crude fell 1.80%, setting the price back by 3.6% over the past five trading days. Oil prices are likely to continue their descent until encouraging news comes from overseas detailing a plan to curb debt levels or increase GDP.
After trading ended today, J.C. Penney
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