After surging by as much as 2% at one point, markets collapsed in the final moments of the day, a session that will prove very dispiriting for the bulls.But first, the scoreboard:
Dow: -70 (below 10,000!)
S&P 500: -6.2
And now, the key stories.
- Once again, the see-saw market is the story of the day. Stocks were up very big early, following a good overnight session, and then collapsed in the final hour. The whole day felt like yesterday, but in reverse. Bulls who were hoping that a rising market would become the new norm on days with little news will be sorely disappointed. See 10 key economic indicators that are already rolling over here >
- Once again, Europe had to go and spoil the party. First, there was a report that Greece is already trying to renegotiate its big bailout (specifically, that it’s trying to get out of promised pension cuts), and second there was a report that China has put its holdings of Eurozone bonds on review. See everyone who would be saved by the Euro bailout here >
- BP’s “Top Kill” began at 2:00 PM ET, though we won’t know for a while whether the attempt to fill the leaking well with mud will work. It could take anywhere from 10 hours to two days to see results.
- New home sales came in well above expectations, providing a nice lift homebuilders early on, but the number is still influenced by the homebuyer tax credit. The next wave of housing data will provide a nice look at post-hangover information.
- Commodities painted a mixed picture. Gold moved higher, showing it was not falling victim to a flight to liquidity. Oil was up nicely, as well, while, copper and palladium were both down.