Stocks mixed as Greece weighs on sentiment
By Hibah Yousuf @CNNMoneyMarkets
February 15, 2012
NEW YORK (CNNMoney) -- U.S. stocks turned lower Wednesday afternoon, as the euro hit a 1-week low on uncertainty over Greece's debt problems.
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The overall eurozone economy shrank for the first time in more than two years in the fourth quarter of 2011, but the 0.3% decline was not as bad as economists expected. The latest figures were helped by a smaller-than-expected drop in German GDP and surprise growth in France -- the eurozone's two largest economies.
Meanwhile, a China-European Union summit ended Tuesday with promises of more support from Beijing for debt-straddled Europe.
"China is firm in supporting the EU side in dealing with the debt problems. We match our words with actions," Chinese Premier Wen Jiabao said.
But the positive news was overshadowed by the fact that Greece still remains on the brink of disaster.
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Adding to the nerves, Reuters reported that eurozone finance officials may delay all or part of the second bailout package for Greece, while still avoiding a default.
"Now the big worry is that this pending deal in Greece is coming undone," said Forrest. "Greece just ends up creating more problems for itself by announcing a deal without finalizing it."
Full story: http://money.cnn.com/2012/02/15/markets/markets_newyork/?source=cnn_bin
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