The News Courier in Athens, Alabama

State and Nation

November 12, 2012

Stocks rise in uneven trading; fiscal threat looms

(Continued)

The effect on the markets has been widespread. Fiscal cliff worries were blamed for keeping a lid on European markets and Asian markets, which closed mostly lower.

In Greece, lawmakers passed a new austerity budget, and the other countries that use the euro issued a positive report on the country. Greece is hoping the other euro countries will give it another $40 billion in bailout loans. The budget and the report are crucial steps toward that goal.

Still, the new bailout isn't a sure thing: Some of the potential lenders must seek approval from their parliaments. Greece's main stock market index closed down 3.6 percent.

Freeze was among the underwhelmed. "At this point, all the Greek news is just noise," he said. "None of these bailouts really solve the underlying problem. Now if all of a sudden Spain became incredibly solvent and its unemployment rate went to 5 percent, then you'd see" a reason to buy.

Across Europe, there were other reminders that the debt crisis is far from solved. The Banking Association of Spain, a country where hundreds of thousands of borrowers have fallen behind on their mortgages, said it would curb evictions of some struggling homeowners. In Portugal, demonstrators planned protests against a scheduled visit from German Chancellor Angela Merkel. Germany helped bail out Portugal last year and insisted that the government there cut spending as a condition of getting the money, a sore point for some in Portugal.

Among U.S. stocks making big moves:

— Leucadia National announced it would buy the investment banking firm Jefferies Group. The Jefferies chief will run the combined company. Leucadia, a holding company with investments in an eclectic set of industries including beef processing and medical products, dropped nearly 5 percent, $1.01, to $20.79. Jefferies soared 12 percent, or $1.71, to $15.98.

— Sherwin-Williams, the paint company, jumped 7 percent after announcing it will buy Consorcio Comex, a privately held rival based in Mexico City. Its stock rose $9.86 to $150.70.

— Best Buy leapt after announcing it had named a new finance chief, a former executive of the upscale kitchen store Williams-Sonoma. Analysts hope the new numbers cruncher can help turn around a chain that has struggled to keep up with online competitors. Best Buy's stock rose 4 percent, or 68 cents, to $15.98.

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