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Monday Evening Business Brief

December 12, 2011, 5:36 PM

Monday Evening Business Brief
U.S. stocks closed sharply lower after two rating agencies criticized the pact aimed at easing Europe's debt crisis. The Dow fell 163 points, or 1.3 percent. The S&P lost 19 points, while the Nasdaq shed 35 points.
  • Doubts have resurfaced over Europe's ability to solve its debt crisis and rescue the imperiled euro. British Prime Minister David Cameron was the only leader among the European Union's 27 members to refuse last week to join a plan under which nations submit their budgets for central EU review and limit the deficits they can run.
  • European regulators have asked Google to provide more information about its proposed $12.5 billion acquisition of cell phone maker Motorola Mobility. The request is the latest sign that regulators in Europe and the U.S. are taking a hard look at the deal to ensure it doesn't give Google the means to stifle competition in the increasingly important mobile computing and advertising market.
  • After chip maker Intel Corp. cut its fourth-quarter revenue outlook due to hard disk drive shortages stemming from massive flooding in Thailand, shares for the entire sector sank. As for Intel shares, they lost 4 percent.
  • Oil prices were down alongside stock markets.  Benchmark West Texas Intermediate crude lost $1.64, about 1.7 percent, to end the day at $97.77 per barrel in New York.

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