Stocks ended the day lower yesterday on concerns about the debt crisis in Europe and falling oil prices. Investors are worried about Spain, which recently requested up to €100 billion to recapitalize insolvent banks. Egan-Jones cut its credit rating on Spanish government debt to "CCC+" from "B." Italy has been under pressure amid fears the debt crisis is spreading to the core of the eurozone. Greece is also in focus ahead of a crucial election this weekend. Investors were focused on Capitol Hill, where JPMorgan’s CEO Dimon told lawmakers that he could not defend the trades that led to the bank's multi-billion dollar loss. the tech sector was weighed down by slumping shares of Hewlett-Packard, despite advance in Dell and Zynga. Dell rose 2.6% a day after the co. initiated an 8-cent a share quarterly dividend and announcement that it aims to cut $2 billion in costs by the end of its fiscal 2015, reducing expenses in supply chain and services delivery. HPQ closed down 1%, one of the worst performers on the Dow Jones Industrial Average. Yahoo was down 0.9% after the firm unveiled an agreement with CNBC LLC to share business-news content. Implied volatility inched higher on modest trading volumes.
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