U.S. stocks opened with steep losses on Wednesday after a clearing house hiked the deposits needed to trade Italian government bonds and index-tied securities, further worsening Europe's credit mess. The Dow Jones Industrial Average fell 227 points to 11,943. The S&P 500 shed 27 points to 1,248, with energy and financials leading the losses among its 10 sectors. The Nasdaq Composite lost 61 points to 2,665. So much for our rally. Everything is getting hit this morning with good news translated into bad news. Stocks trading lower following better than expected earnings include Activision Blizzard, Amdoc, Sina, Weight Watchers, Computer Science, Polo Ralph Lauren, Dean Foods, Wendys, Macys, Parker Hannifin, GM, and Liz Claiborne. All twelve stocks are down more than 4%. Not a good day to report earnings. Adobe is down 10% after reaffirming I guess lackluster earnings. Nvidia, Autodesk, and Apple are lower on negative analyst comments. A few stocks are higher following earnings including Soda Stream and Take Two Interactive. Through the first hour the averages pushed lower with the Dow dropped 300 points and the Nasdaq declining 70 points. The volatility continues for the major averages. Through the morning the averages tried to rebound with little success. By the middle of the afternoon the averages pushed to new lows. The commodities were holding up, but are selling off now with everything else as the US dollar rebounds. Heading into the last hour the averages rebounded only to sell off once again in the last hour and into the close. The Dow Jones Industrial Average finished down 389 points, or 3.2%, at 11,780, its worst drop since Sept. 22. All 30 components were lower, led by a 7% pullback in J.P. Morgan Chase. The S&P 500 lost 46 points, or 3.7%, to 1,229, its worst day since Aug. 18. The Nasdaq Composite sank 105 points, or 3.9%, to 2,621, also its worst day since Aug. 18.
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