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Wall St. yawns at Greek vote

Monday, June 18, 2012 - 01:58

June 18 - Summary of business headlines: Techs rally but Wall Street mixed as Europe keeps investors guessing; United Technologies to shop around unit of Pratt & Whitney -sources; Google says government censorship requests on the rise; G20 talks start in Mexico. Conway G. Gittens reports.

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PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL Wall Street breathed a sigh of relief after the Greek election, but quickly turned to Spain as borrowing costs there crossed the painful 7 percent threshold. Euro skeptics are still out there, says Peter Kenney of Knight Capital. SOUNDBITE: PETER KENNEY, MANAGING DIRECTOR, KNIGHT CAPITAL (ENGLISH) SAYING: "The fact that spreads on Italian and Spanish debt continue to really inch their way up in spite of the Greek elections is an indication that the markets are not completely convinced wholeheartedly that we have found a solution a way of looking at the European crisis in a holistic way; in a pan-European way." Blue chips were held back by worries about global sales, but a Nasdaq rally was led by tech stocks with little international exposure. In corporate news: United Technologies is exploring sale of parts of the Pratt and Whitney unit, according to sources, who say UTX is hoping to fetch a $1 billion price tag for those power generation assets. The company declined comment. Google says requests by governments to censor search results and YouTube clips were up 25 percent in the last half of 2011 compared to the first half, calling that a disturbing trend. Some of those requests came from Western nations like Spain, Germany, and Canada. U.S. homebuilder sentiment is sitting at a five-year high in June, according to an industry trade group, but attitudes still point to a weak, yet improving housing market. Group of 20 leaders gathering in Mexico were focused on finding ways to fix Europe and limit the economic fallout, as for European markets, stocks headed in different directions with Greece unable to keep investors confident. Conway Gittens, Reuters

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Wall St. yawns at Greek vote

Monday, June 18, 2012 - 01:58