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May 25, 2012 01:34 PM

Friday Afternoon Business Brief

Stocks have headed lower on Wall Street with investors focused on Europe's precarious debt situation. Trading has been light ahead of the Memorial Day weekend.

  • The board of Bankia, the large Spanish bank that was taken over by the government, met today to discuss a restructuring plan. It will include a request for more state aid, leading to increased calls for a coordinated relief blueprint for Europe's fragile financial sector.
  • The euro has slipped below $1.25 for the first time in nearly two years on concerns that Europe won't be able to keep Greece in the single currency union. Traders are concerns that Greece will have to leave the euro if parties opposed to the terms of the country's financial rescue win an election next month. Those parties were favored in early May, but Greek leaders were unable to form a new government.
  • The price of oil is holding near the lowest levels of the year. Benchmark U.S. crude added 34 cents to $91 per barrel in New York. Earlier this week, benchmark crude dropped to the lowest since October.
  • Women's clothier Talbots says a deadline has expired without a deal in its exclusive talks about being acquired by a private equity firm and that it will actively pursue other options. Shares of the Massachusetts-based retailer have lost about 40 percent of their value just today on the news. Talbots says it is still open to pursuing a deal with the firm.
  • Business
  • Economy/Stocks
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