U.S. stocks opened solidly lower on Tuesday as Greece's call for a referendum on its rescue package shook investor confidence in Europe's effort to contain its debt crisis. The Dow Jones Industrial Average fell 252 points to 11,702. The S&P 500 Index shed 34 points to 1,219. The Nasdaq Composite declined 74 points to 2,610. Our phenomenal rally is evaporating quite quickly. The financials are taking the brunt of the punishment this morning as a number of European banks are lower by 5% or more. Credit Suisse is down 8% following earnings and more layoffs. Legg Mason is down 4% on a downgrade. Citigroup was upgraded, but the stock is lower by 5%. Allstate was trading higher last night following strong earnings, but this morning the stock is modestly lower. Bank Atlantic is jumping 108% after BB&T agreed to buy the Florida bank. The commodities are taking it on the chin. Baker Hughes is down 10% following disappointing earnings. Rowan is down 5% following earnings. The oils in general are pretty weak. Valero is unchanged even though they easily beat estimates. Archer Daniels Midland is lower by 2% following earnings. Through the first hour the markets started catching a bid. The commodities and materials and insurance stocks slowly improved. Allstate moved into the green. Hess and Freeport McMoRan are well off their lows. After the first hour the Dow remained down 190 points with only Pfizer trading in the green thanks to better than expected earnings. The Nasdaq remained down 50 points as even Apple is lower by 1.5%. Microsoft was upgraded, but the stock is lower by a percent. MicroStrategy is down 13% following earnings this morning. Through the morning the averages remained weak moving lower during the lunch hour. In the middle of the afternoon the US dollar sold off causing a little bit of a rebound only to sell off again in the last hour. The Dow Jones Industrial Average dropped 186 points to 11,768. The S&P 500 Index fell 22 points to 1,231. The Nasdaq Composite declined 51 points to 2,632.
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