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U.S. stocks fluctuated as Spain’s bond yields rose to a euro-era record and German Chancellor Angela Merkel said the new Greek government should not be granted additional leeway on the terms of its bailout.
Spain’s 10-year bond yields rose above 7 percent, sparking concern that the nation will need external funding. The European Union isn’t considering a full-fledged economic bailout for Spain and remains focused on a more limited banking-sector rescue, an EU official said. Greek election winner Antonis Samaras raced to build a coalition to keep bailout aid flowing.
Companies that are most-tied to the economy fell the most in the S&P 500 today. Halliburton Co. (HAL), the world’s largest provider of hydraulic-fracturing services, declined 2.3 percent to $28.76. Alcoa Inc. (AA), the biggest U.S. aluminum producer, lost 1.9 percent to $8.65.
DSW Inc. slumped 12 percent to $52 after the shoe retailer’s second-quarter profit forecast trailed estimates.
Facebook, which last week had the first weekly advance since its initial public offering, rose 5.2 percent to $31.57. The shares have jumped 17 percent in three days.
Groupon Inc. rallied 11 percent to $11.12. The largest daily coupon website advanced after Morgan Stanley analysts upgraded the stock to overweight from equalweight, citing international sales opportunities.
Microsoft Corp. (MSFT) is expected to preview a company-branded tablet at an event in Los Angeles today, according to people familiar with the matter who asked not to be named because the plans aren’t public. The devices may run Microsoft’s latest operating system, Windows 8, and different versions may be powered by either processors based on designs from ARM Holdings Plc or x86 chips from Intel Corp., the people said. The shares fell 0.8 percent to $29.78.
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