Reply #22: red paint drying at 1:22 EST [View All]

[UpInArms]

Dow 10,176.35 -36.87 (-0.36%)
Nasdaq 1,924.70 -21.63 (-1.11%)
S&P 500 1,108.42 -4.39 (-0.39%)
10-Yr Bond 4.437% -0.029

1:00PM: The market continues to trade along its lows of the day as buyers find few upside catalysts in today's news items... Among the several developments, the price of crude oil has shot up to 5-week highs after trading lower earlier... According to Energy Department figures, US refiners have pushed their production levels to 13-months highs to meet heightened summer demand for energy... As many refiners have reached peak capacity, investors worry if the US can fill the deficit left by other countries... Currently, the price of crude oil is up 1.6%, to $40.58/bbl... NYSE Adv/Dec 1383/1753, Nasdaq Adv/Dec 959/ 1959

12:30PM: Little change in the past half hour as equities have remained on the defensive... No real theme has emerged in today's selling as most moves lower seem arbitrary... Both growth-oriented and defensive-oriented stocks have turned south amid the broad-based selling pressure... The pullback in US trading has precipitated a weak close in European trading earlier today... Germany's DAX index finished 0.8% lower... Asia, on the other hand, ended much higher (Nikkei +1.4%) - partly because the indices were closed before the US opened...

Prime Minister Junichiro Kozumi's LDP party won a majority in the Upper House elections over the weekend, enabling the party to continue pushing through financial reforms...NYSE Adv/Dec 1353/1767, Nasdaq Adv/Dec 939/1941