The primary stock indices in the U.S. were positioned in the red to begin the
opening trading session yesterday and spent the majority of the session moving
through negative territory. The futures for the DJIA , as well as for the Nasdaq
and S&P 500 , posted red last session and reports during the day were not strong
enough to pull the primary U.S. indices out of the red. Attention last session
focused more on the details, or lack thereof, of the plan that was announced
last week by a contingent of European leaders. Leaders emerged from the two day
European summit last week and announced that they would unite to implement an
action plan which would help stabilize and stimulate the eurozone economy. This
news was well received by investors and stocks rallied. During opening day
though, corrective action took hold and the indices fell lower. As the trading
session reached final close in the U.S., the three primary composites were red
across the board. The Dow Jones Industrial Average was lower by 1.34 percent at
12,021.39. The Nasdaq was red by 1.31 percent at 2,612.26. The S&P 500 closed
red at 1.49 percent at 1,236.47. The dollar moved higher versus the euro,
British pound and Japanese yen. Oil price per barrel dropped to 97.77 and gold
contract fell to 1668.20 per ounce. Frank Matto
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