U.S. stocks tumbled Monday as worries in Europe of a Greek default and a credit rating downgrade of French banks increased worries about Europe's debt troubles. The Dow Jones Industrial Average fell 120 points to 10,872. The Standard & Poor's 500 Index shed 9 points to 1,144. The Nasdaq Composite Index declined 12 points to 2,455. The news out of Europe is awful however, the news here doesn't look as bad. The lingering question will be, how much will Europe hurt our earnings and economic growth? A huge question mark. Shortly after the open the selling abated. The financials actually look good with a number of banks higher led by Bank of America. Bank of America is making encouraging comments at a Barclays conference this morning. The chip stocks are also performing well as they did last week. Micron, Intel, Maxim, Marvell, and Linear Tech are all higher on positive analyst comments. NetLogic is jumping 50% after agreeing to be acquired by Broadcom. Broadcom is only modestly lower. Altera and Xilinx were downgraded, yet the stocks are higher. Software makers Oracle and NetSuite are higher on upgrades. Apple and Research in Motion are also higher this morning, but the rest of the sector is in the red. Within the first hour the Nasdaq actually went into the green dragging the Dow with it. The Dow almost made it into the green before falling back by 60 points. The Nasdaq is holding the unchanged level. As the morning progressed the averages pushed lower again with the Dow falling 100 points. The banks gave up their gains as JP Morgan and Goldman Sachs made new 52 week lows. Entering the lunch hour the averages took another stab at a rebound led by the chips and financials. During the lunch hour, the averages sold back off and then yo-yoed through the afternoon on rumors China may invest in Italy and the Italian banks. This sounds more and more like our financial crisis ever day. In the last hour, the averages put in a nice rebound, accelerating into the green with no sell off into the close. The Dow Jones Industrial Average finished up 68 points at 11,061. The S&P 500 gained 8 points to 1,162. The Nasdaq Composite rose 27 points or 1.1%, to 2,495.
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