DJIA: Stocks Fall on Weak Data, Fitch Cuts Greece, U.S. Home Resales Rise, Microsoft Files Antitrust Claim
Marisa Krystian | Feb 22, 2012 4:24pm EST | 1min:59sec
Stocks fell on Wednesday with the S&P 500 stalled near a 10-month-old high after weak data on Europe's business activity raised concerns about a recession.
The euro zone economy may tip into recession, with the services sector shrinking this month along with manufacturing, tempering a wave of optimism over after a Greek bailout deal.
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.
On the U.S. front U.S. home re-sales rose to a 1-1/2 year high in January, pushing the supply of properties on the market to the lowest level in almost seven years in a hopeful sign for the housing sector.
The National Association of Realtors said on Wednesday existing home sales increased 4.3 percent to an annual rate of 4.57 million units last month, the fastest pace since May 2010.
And, in company news Microsoft has asked EU antitrust regulators to intervene in a patent dispute with Google and Motorola Mobility as it stepped up its battle against the Internet search giant.
Microsoft complained that Motorola Mobility was trying to block its products by charging too much for using its patents in Microsoft products.
