Email| Dow | 12934.62 | -31.07 | (-0.24%) |
| Nasdaq | 2934.45 | -14.12 | (-0.48%) |
| SP 500 | 1358.11 | -4.10 | (-0.30%) |
| 10-yr Note | +17/32 | 2.01% | |
| NYSE | Adv 1065 | Dec 1875 | Vol 315 mln |
| Nasdaq | Adv 890 | Dec 1545 | Vol 925 mln |
| Strong: construction and engineering; homebuilding; home furnishings; info tech consulting and services; wireless telecom; trucking; gold |
| Weak: auto parts and equipment; food retailers; diversified support services; housewares and specialties; electrical components and equipment; agricultural chemicals |
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Financials run higher after sluggish start
Euro gains ground against greenback, despite official forecasts for a decline in 2012 eurozone GDP Weekly initial jobless claims go unchanged |
[BRIEFING.COM] The major equity averages are down with modest losses after a choppy start to the session. Losses are most severe among financials, while energy stocks cling to modest gains.
Early action lacked direction and leadership as market participants made note of losses in Europe following some disappointing manufacturing data from the region. A key manufacturing reading from China also disappointed since it showed continued contraction in activity, despite month-over-month improvement.
Domestic data was limited to an existing home sales report that not only failed to meet the consensus, but also featured a significant downward revision to prior month sales.
Energy stocks offered leadership early on, but the broad market never responded to its display of strength. The sector has since pulled back so that it trades with only a modest gain of about 0.2%. Crude oil prices, down 0.3% to $105.90 per barrel, have been a driver of action among energy issues.
Financials have become a heavy drag. Falling to a 1.0% loss the sector's weakness has imbued the broader market.
Tech play Dell (DELL 17.19, -1.02) has been one of today's poorest performers, however. The stock's dive comes after the computer company came short of the consensus earnings estimate. In contrast, Intuit (INTU 61.68, +4.16) shares have rallied in response to the firm's upside earnings surprise.
