DJIA: Futures Slip after European Data, Obama to Propose Corporate Tax Rate of 28%
Jessica Menton | Feb 22, 2012 10:21am EST | 1min:46sec
U.S. stock index futures slipped on Wednesday, indicating the S&P 500 may snap a three-day winning streak after weaker-than-expected euro zone economic data and ahead of a report on the U.S. housing market.
Fitch cut Greece's long-term ratings on Wednesday to its lowest rating above a default, becoming the first ratings agency to make the widely expected downgrade after the country announced a bond exchange plan to ease its massive debt burden.
The Obama administration on Wednesday will propose cutting the top tax rate for corporations to 28 percent, and pay for it by eliminating dozens of tax loopholes companies now use to lower their rates, a senior administration official said.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 4.5 percent in the week ended Feb 17.
