A heartbreaker for the bulls. At one point they had a major reversal and gain on their hands.
But first, the scoreboard:
S&P 500: +0.40
And now, the key stories of the day:
- Following Monday’s action in the US, you knew that Japan was going to be ugly, if only because it had to play catch up. But it wasn’t just ugly — it was really ugly, with stocks falling over 3%, bringing down on ongoing nervousness about the ineptitude of the BoJ. That cast a pall over the rest of Asia.
- Europe had another unimpressive day. Stocks sagged, Greek CDS spreads continued to widen, and Anglo Irish Bank turned in a really monster loss.
- Futures in the US bottomed very early in the morning (right around 3:00 AM) and steadily gained into the opening bell. A decent June Case-Shiller number buoyed stocks. A good consumer confidence index reading also helped, and given all the talk about the double dip, it this was a particularly gratifying reading.
- At one point all the markets were up solidly, including the NASDAQ. But as is the case these days, the rally faded. Fed minutes confirmed a divided FOMC (though mostly it was all well within expectations).
- In the end, it was a tug-of-war kinda day, but stocks ended lower, with the NASDAQ taking the worst of it.