U.S. stocks opened with steep declines Wednesday after another upbeat report on the American labor market failed to curb concerns about Europe, highlighted by a disappointing Spanish bond auction. The Dow Jones Industrial Average fell 121 points to 13,077. The S&P 500 declined 11 points to 1,401. The Nasdaq Composite shed 29 points to 3,084. The financials in Europe are under pressure as are the U.S. financials. Blackstone was upgraded, but the stock is lower. GE is lower after having their debt downgraded. AIG is bucking the trend on an upgrade. The tech space is under pressure as well. Sandisk is down 9% after lowering guidance. The whole chip space is trading lower. Even Apple is lower as I haven't seen an upgrade yet this morning. Amazing. IBM is lower on a downgrade. EMC, Qualcomm, Tibco Software, and Seagate were upgraded, but are both lower. Akamai is higher on an upgrade. In the retail space plenty of upgraded for the likes of Gap, Starbucks, Tiffany, Red Robin, and Dicks, but the results are mixed. Bed Bath & Beyond is lower ahead of earnings tonight. Under Armour is lower on a downgrade. Through the first hour the averages remained weak with only a few consumer staples trading higher. Philip Morris is up a percent at an all time high. In the afternoon the averages tried to rebound with limited success. The financials are getting weaker. In the last hour the averages put in a nice rebound into the close. The Dow Jones Industrial Average finished down 124 points, or 1%, at 13,074. The S&P 500 lost 14 points, or 1%, to 1,398. The Nasdaq Composite shed 45 points, or 1.5%, to 3,068, capping its worst session so far in 2012.
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