Stock futures continued to track red this morning prior to opening bell. The
Dow Jones, as well as the Nasdaq and S&P 500 were all posting negative. The
negative momentum carried over from yesterday. Stocks felt the pressure which
stemmed from the weaker than expected unemployment claims report, in addition to
the deflating comments made by Federal Reserve Chairman Ben Bernanke. Yesterdays
trends had been choppy, but after Bernankes comments posted, the Dow moved
consistently lower. Bernanke reiterated comments he made in his last speech and
said that the central bank was still positioned to support the economy. The
ambiguity stems from Bernankes lack of specifics regarding how and when the
central bank would help support the economy. Investors on Wall Street were
looking for something more concrete and when this wasnt given, stock indices
pushed lower. As the primary stock indices reach the halfway mark today, trends
dropped. Concerns relating to Europes financial crisis are growing and indices
are tumbling lower. At Mid-day, the Dow Jones Industrial Average was lower by
2.57 percent at 11,005.42. The Nasdaq was red by 2.14 percent at 2,474.92 and
the S&P 500 was lower by 2.44 percent at 1,156.97. Obviously, the stock market
indices in Europe plunged lower and the negative sentiment is spilling over into
the American marketplace today. Frank Matto
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