The primary index composites rallied once again during the latter half of the
last trading session and investors appeared to be little phased by the turmoil
currently unfolding in the eurozone. Greece has been a specific focal point of
worry recently but over the last two days, Italy has taken hold of the spotlight
in the area. The Italian government is in disarray as Italian Prime Minister
Silvio Berlusconi has said that he would step down. This action effected bond
yields. The 10-year Italian government bond yield pushed higher to almost 6.8
percent last session and this morning, the bond yield level was above the 7.0
percent mark. Little panic was evident during the latter half of the last U.S.
stock session as stocks finished stronger for the day. Prior to opening bell
this morning though, stock futures were set for the lower open. European
indicators closed weaker today. The CAC 40, DAX and FTSE 100 finished the day
red. As the mid-day mark in the U.S. approached, the primary index composites
were moving through negative territory as well. The Dow was down over 200 points
as the debt crisis in Italy grows more negative. At the halfway point today in
the U.S., the Dow Jones Industrial Average was lower by just over 200 points at
11,969.70. The Nasdaq was red by just over 56 points at 2,671.19 and the S&P 500
was negative by almost 25 points at 1,251.20. Frank Matto
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