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At Mid day the market indexes were all trending in the red with retail and auto sales both falling short of economists expectations. Reports indicate that inclement weather may have deterred consumers in the month of January as they primarily focused on grocery and gasoline purchases. A government report showed that business inventories rose 0.8% for the month of December exceeding the 0.6% forecast by economists. NYSE Euronext, the parent company of the New York Stock Exchange, announced it will merge with Germany’s Deutsche Boerse in a $10 billion deal. The merger will make it the world’s largest exchange for stocks and derivatives. The deal is expected to draw strong opposition from both U.S. and European regulators as well as diversified political and public groups. The deal will make the company 60% owned by Deutsche Boerse shareholders and 40% owned by NYSE Euronext shareholders and create a new Dutch holding company that will have dual headquarters in New York and Frankfurt. No new name has been released and, pending regulatory and shareholder approval, the transaction is anticipated to be completed by the end of 2011. The National Association of Homebuilders reported its preliminary housing market index for February held at 16, falling below expectations forecast at 17. Approaching close the major market indexes continue in the red. Dow dropped 67.09 points or 0.55% to 12201.10. Nasdaq lost 15.32 points or 0.54% to 2801.86. S&P 500 decreased by 6.76 points or 0.51% to 1325.56. The U.S. Treasuries 10-year yield gained 0.0090 to 3.62%. Oil is down 0.59 to $84.22 a barrel. The U.S. dollar is down 0.0003 to the Euro at $ 1.35. Author: Pamela Frost
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