endbradley via flickr
Stocks fell and headlines about Greece continued to dominate the news flow. But first, your scoreboard:
Dow : 12,442; -156 pts, -1.24%

NASDAQ: 2,814; -60 pts, -2.10%

S&P 500: 1,305, -20 pts, -1.51%

These were the day's top stories:

  • European shares fell once again, after concerns about Greek and Spanish banks battered the markets. The DAX and CAC both dropped 1.2 percent, the FTSE MIB ended off 1.5 percent, and the IBEX closed down 1.1 percent. 

  • Warren Buffett purchased 63 newspapers owned by Media General for $142 million. In a separate agreement, he also purchased a 19.9 percent stake in the company and extended it both a $400 million loan and a $45 million revolving credit line.

  • Initial claims rose to 370K, slightly missing expectations for 367K. Markets barely responded to the announcement, and traders speculated about another round of quantitative easing from the Federal Reserve. 


  • The Philadelphia Fed Index of regional economic activity plunged unexpectedly to -5.8, missing analyst expectations of 10.0. The worst declines came from the employment sector, although most of the business components measured appeared to suffer. 

  • Fitch cut Greece's credit rating on rising concerns that the country will leave the euro. It also said that a Greek exit from the eurozone would "break a fundamental tenet underpinning Fitch's sovereign and other ratings in the eurozone," signaling that such a development could bring more downgrades across the euro area. 

  • The Wall Street Journal reported that shares of Facebook will sell for about $38, at the top of its $34-38 range, at the company's long-awaited IPO on tomorrow. 

  • 25,000 job cuts will be coming to HP, as the company attempts to reduce costs and deal with declining demand for computers.

  • J.P. Morgan CEO Jamie Dimon agreed to testify before the Senate Banking Committee after the company reported a $2 billion trading loss. Shares of $JPM fell 4.2 percent.