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Pain in Spain hits Wall St.

Monday, July 23, 2012 - 01:55

July 23 - Summary of business headlines: Stocks drop of Europe jitters, McDonalds earnings miss; Texas Instruments profits fall; Halliburton and Hasbro results beat forecasts. Bobbi Rebell reports.

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Wall Street came back from the worst of its losses but still ended down across the board, following a tough day for the European financial markets. Spain appeared closer to needing a bailout and Greece may be approaching an exit to the euro zone. PWC U.S. Chairman Bob Moritz: SOUNDBITE: BOB MORITZ, US CHAIRMAN, PWC (ENGLISH) SAYING: "The world as we look at it is tremendously connected and as a result any little hiccup as we see in the markets every given day something happens with Greece or Europe across the board it has a bigger impact. " Earnings reports from US companies are also reflecting the economic troubles around the globe. McDonalds the latest multinational hit by the global economic headwinds. Its results missed forecasts- sales slowed around the world - and it's being hurt by the stronger dollar. And while Texas Instruments quarterly results were worse than forecasts- quarterly profit and revenue fell from a year ago. The company said customers are increasingly cautious about placing new orders because of global economic uncertainties. Oilfield services company, Halliburton, says increased activity outside North America helped them top forecasts. The company also said the higher costs of a key commodity- guar beans- will be felt for the rest of the year. Profits were up at Hasbro. The number two toy maker- whose brands include Monopoly and Nerf - says better inventory management helped them beat forecasts for the first time in six quarters. Taking a look at the closing numbers.. In the US, stocks came off session lows but still closed to the downside. A similar picture in Europe where shares tumbled on growing fears that Spain could be the 4th euro zone member to request a bailout. The euro hit a 2 year low against the dollar, and is near a 12 year low against the Japanese yen. Bobbi Rebell, Reuters.

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Pain in Spain hits Wall St.

Monday, July 23, 2012 - 01:55