Stocks were mixed on Wednesday as the Dow finished with a loss of 42 points or -0.34%, the S&P 500 fell -0.12%, the NASDAQ rose +0.15%, and the Russell 2000 declined -0.04%.
It looked ugly in the early going as there was tough talk from the ECB’s Jean-Claude Trichet, a new subpoena for Goldman Sachs, and a fair amount of trepidation in front of the Friday Jobs report. In addition, May’s same-store sales at the nation’s retailers were mostly weaker than expected with 13 of the 24 reporting companies missing estimates. Just before lunch the Dow was down another 100 points and it looked like we might see a flush to the downside.
However, a report from Reuters during the noon hour said that EU officials had reached an agreement in principle on a new funding plan for Greece. While details were scarce and there was later a denial that an agreement had been reached, the hope that an agreement was in reach was enough to send stocks up off of the lows.
With that said, the key to the session was probably the uncertainty over tomorrow’s Nonfarm Payrolls data. A CNBC survey showed that nearly 60% of the respondents expect the result to be disappointing.
From a chart standpoint, it is worth noting that the S&P 500 index broke below a near-term support level. However, given that the Dow and NASDAQ charts continue to show decent support just below current levels, there really hasn’t been any serious technical damage seen yet.
Have a pleasant evening.
S&P 500 - Intraday
Remember, you are in control your email alerts! You can receive alerts for up to 25 free research report alerts including:
-
FLASH Headline Alerts: Get an executive summary of the really important market-moving headlines
-
The “10.0” Report: These are the REAL Best of Breed companies
-
The Insiders Report: Want to know which stocks Corporate Insiders are buying heavily?
-
ETF Leaders Report: Don’t Miss TSP’s Weekly ETF Leaders Report
-
TSP’s Daily TopStock Focus List: It’s Your Own Private Research Department
- TopStock Chart of the Day: Our daily stock pick highlights one of our favorite TopStocks that also presents a good entry point at the present time.
To Add or Remove email alerts, simply Login to Your Portfolio and click on Email Alerts
S&P 500 - Last 12 Months
