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Monday Afternoon Business Brief

June 25, 2012, 1:21 PM

Monday Afternoon Business Brief

Wall Street is seeing steep losses with one economist saying "confidence is pretty low" in Europe's ability to fix its financial problems. Energy and bank stocks are feeling it the most. Bank of America dropped 4 percent, the biggest fall among the 30 stocks in the Dow.

  • Spain and Cyprus are asking for bailout help from their eurozone partners to shore up their banks. There's no word yet on how much the two countries are requesting. Cypriot banks suffered heavy losses on Greek debt.
  • The office of Greece's prime minister says the country's designated finance minister resigned today. Vassilis Rapanos was named finance minister last week, but he was hospitalized before he could be sworn in on Friday.
  • Americans are torn over how much impact the person living in the White House in 2013 will have on the overall economy. An Associated Press-GfK poll found 48 percent say a "great deal" or "a lot." Fifty percent of those surveyed gave answers ranging from "just some" to no impact.
  • A new government report says Americans bought new homes last month at the fastest pace in more than two years. The median price edged down 0.6 percent from April to $234,500, but that's still 5.6 percent higher than in May 2011. Prices could rise because there's a small supply of new homes for sale.

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