Stocks drifted back down from Wednesdays highs last session. Indicators in the
eurozone finished in the red. The CAC 40 closed lower by .78 percent. The DAX
finished lower by .87 percent and the FTSE 100 closed red by .29 percent. This
negative trending spilled over and weighed down the primary indices in the U.S.
Investors positioned strongly with stocks on Wednesday and corrections were
anticipated. Stock prices inevitably drifted back last session. After the
initial charge of positive momentum Wednesday, investors continued to process
the state of the global economy. Although central banks announced that they
would work in unison to stimulate the global economy, investor worries remained.
The worry is a logical response as investors process the state of the global
economy and the negative variables presenting that warrant the action announced
by the Federal Reserve and other central banks. Europes sovereign debt crisis
continues to pose a problem for the global marketplace. The pullback continued
on Thursday and by end of day close in the U.S., the primary composites were
mostly red. The blue chips dropped back last session. Additional weight posted
via the initial jobless claims data. According to the labor data, initial
jobless claims rose by 6,000 which was higher than expected. This news only
increased anticipation for todays government jobs data. The Dow Jones Industrial
Average closed out lower by .21 percent at 12,020.03 last session. The S&P 500
finished red by .19 percent at 1,244.58. The Nasdaq finished higher by .22
percent at 2,626.20. Frank Matto
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