Quick Recap of Wednesday’s Session:
Stocks finished mixed on Wednesday, though the S&P 500 closed lower for the fourth consecutive session. Major indices spent the majority of the session going back and forth as traders tried to sort out conflicting sentiments. On one hand, disappointing US and global economic data continued to raise concerns on a macro level. On the other hand, ECB council member Ewald Nowotny said that there are arguments in favor of giving the ESM a banking license, which gave stocks a boost. The hurdles with Mr. Nowotny’s statements are convincing Germany (which hasn’t voted on the ESM yet), and unfavorable timing. Still, the computers picked up the headlines, and stocks rallied for a good portion of the session. A late afternoon selloff into the close pushed some major indices into negative territory. The Nasdaq was the laggard as Apple (AAPL) dragged the index down with an earnings miss after yesterday’s close.
S&P 500 -0.03%, NASDAQ -0.31%, DJIA +0.47%, Midcaps +0.13%.
Looking Ahead to Thursday:
S&P 500 - Intraday
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