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Stocks dropped lower earlier this morning and struggled throughout the majority of the day to recover. Markets were hit with negative news early as the Federal Reserve issued a statement relaying that fines would be levied on some of the world's largest banks due to practices found to be "unsound" regarding their handling of the foreclosure process. Foreclosures rates have recently dipped lower, but many experts feel that this is only temporary as banks and lenders verify that the process and paperwork is sound practice. In addition today, the Labor Department reported that first time applications for unemployment benefits increased. The data shows that the number of claims increased last week by 27,000 to a total of 412,000. This data was unexpected as was the data posting from the U.S. Bureau of Labor Statistics. The Bureau reported that the Producer Price index rose only .7 percent which was approximately four tenths below what was expected. The major stock indices were trending in the red at the mid-day point. The Dow, Nasdaq, and S&P 500 were all in negative territory at this point in the session. As the trading session progressed, stocks began to recover however. Oil prices rose as well by $1 to $108.11 per barrel. The Dow Jones finished green by .15 percent at 12,289.84. The Nasdaq finished red by .05 percent at 2,760.22 and the S&P 500 ended the session green by .01 percent at 1,314.52. Author: Frank Matto
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