Mixed Action Mid-Session
Another round of aggressive selling pressure abroad had weighed on sentiment before the open, but most stocks have since managed to muster modest gains as many market participants cover their positions ahead of the weekend... Worries about economic growth and the threat of contagion in Europe caused stocks to slide about 6% during the course of the past two sessions. Pressure abroad only perpetuated further selling interest this morning, but once Europe's bourses began to bounce the tone at home improved... Although selling pressure has subsided since the open, there is still a sense of uncertainty among most traders. In turn, action has been choppy as participants look to protect their portfolios from headline risk ahead of the weekend... The choppy action has made it difficult for stocks to establish a clear path of trade. Although the Nasdaq was up about 1% at its session high, it has since surrendered more than half of that. Meanwhile, the Dow has been challenged all day to put together even a modest gain... Nike (NKE 89.23, +5.05) has managed to put together an impressive gain in the face of lackluster action in the broad market. The stock's strength is underpinned by a better-than-expected earnings report. In other corporate news, Hewlett-Packard (HPQ 21.66, -1.14) has officially announced that Meg Whitman will take over as the company's new CEO, but the stock has still slumped... Even though sentiment hasn't completed the turn from sour to sweet, Treasuries have fallen out of favor. This morning the yield on the benchmark 10-year Note had probed 1.70%, near its record low, but the yield has since climbed closer to 1.80%... The dollar has managed to make its way back to the flat line since slipping off of a multi-month high this morning. The move comes after the euro gave up an early gain. Dow -0.3%, Nasdaq +0.5%, S&P 500 +0.1%

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Tags: Market, Notes, SMF, Update:


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