US stocks fall amid Greek debt issues
Friday, March 30, 2012
U.S. stocks declined on March 29 in light of concern over the Greek debt situation and the fact the country could be forced to restructure once again, according to Bloomberg.
The drop sent benchmark indexes lower for the third consecutive day on March 29, as Citigroup and Bank of America both dropped more than 2.1 percent, the news source stated. Best Buy, the world's largest consumer electronics retailer, saw its stock drop 7.3 percent following its announcement that it will close 50 stores.
“People are taking some chips off the table,” Matt McCormick, of Bahl and Gaynor in Cincinnati, told the news source. “It’s been a good run and people are questioning: Is that sustainable? The measures taken by European authorities have put those issues in the back burner. If that narrative changes, it makes people address something that they thought was already taken care of.”
The fluctuation of U.S. stocks based on the situation in Europe could be troubling Americans who have invested a portion of their retirement funds. The inherent instability of the stock market is something prospective investors should consider.
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