From Briefing.com: 4:30 pm : A rally by the euro against the dollar did little to motivate buyers, but stocks still slashed their losses after the S&P 500 dropped more than 1% to breach its 200-day moving average.
Overnight pressure against the euro took the currency down to a fractionally extended four-year low against the dollar. Its weakness remains underpinned by persistent uncertainty surrounding the fiscal health of the various European Union members. However, the euro started to attract some support in the minutes ahead of the opening bell and was eventually squeezed higher to a gain of little more than 1.5% versus the dollar.
Though the euro's move made for its best single-session gain against the greenback in nearly one year, the lack of any new developments in Europe led many to believe that the bounce was little more than a relief rally that squeezed short sellers. In turn, stocks showed little sustained reaction to the euro's climb.
With sellers still in control the S&P 500 gradually descended for the first half of trade. It even broke below its 200-day moving average of 1102 for a brief moment. However, support quickly surfaced as the benchmark index ran into the psychologically significant 1100 line. Stocks were able to cut their losses by more than half during afternoon action.
Financials proved to be a key source of support, even though the sector saw some rather volatile action -- the sector swung from a 1.0% gain to a 2.0% loss, then grinded its way higher to close with 0.2% gain. Still, financials made up the only sector to finish in higher ground.
Industrial stocks saw the most selling. The sector shed 1.3%, despite better-than-expected earnings and upside guidance from Deere & Co. (DE 58.87, +1.71).
Hewlett-Packard (HPQ 47.00, +0.21) was also out with better-than-expected earnings and upside guidance. Its shares had little overall influence on the tech sector, which fell to a 0.7% loss.
An upside earnings surprise from Target (TGT 54.03, -0.19) couldn't take the pressure off of retailers. With a 0.5% decline, shares of retailers logged their fourth loss in five sessions, during which time the group has fallen nearly 7%.
The Federal Open Market Committee (FOMC) acknowledged that there is increased investor anxiety about uncertainty over Europe. Concern over the continent's troubles left many to shrug off an increase in the FOMC's average 2010 GDP estimate to 3.5% from 3.2%, according to minutes from the latest FOMC meeting. As an aside, the FOMC has made no decisions about long term asset sale strategy.
In terms of actual data, the Consumer Price Index for April declined 0.1% month-over-month when a 0.1% monthly increase had been expected. Consumer prices less food and energy were flat for the second straight month, but a 0.1% monthly increase had been expected.
Advancing Sectors: Financials (+0.2%)
Declining Sectors: Industrials (-1.3%), Utilities (-1.0%), Energy (-1.0%), Consumer Discretionary (-0.8%), Tech (-0.7%), Materials (-0.4%), Telecom (-0.2%), Consumer Staples (-0.2%), Health Care (-0.1%) DJ30 -66.58 NASDAQ -18.89 SP500 -5.75 NASDAQ Adv/Vol/Dec 642/2.58 bln/2083 NYSE Adv/Vol/Dec 660/1.63 bln/2424
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2:22PM TranSwitch received pre-production orders from a Chinese Telecom OEM (TXCC) 2.31 +0.10 : Co received pre-production orders from a Chinese Telecom OEM for its Atlanta 80 processor for use in its WiMAX VoIP terminal equipment. The first widespread deployments of the Atlanta based WiMax Fixed Wireless Terminals will be in Asia and Europe in Q3 2010.
Palm (PALM) announced that the Palm Pre Plus and Palm Pixi Plus phones will be available in the UK on O2 from May 28...
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