U.S. stocks opened modestly lower Tuesday, with the Dow industrials extending losses into a fifth session, after finance ministers from the Group of Seven industrialized powers conferred by phone. The telephone session comes ahead of a European Central Bank policy meeting Wednesday. The Dow Jones Industrial Average fell 10 points to 12,091. The S&P 500 Index declined a point to 1,276. The Nasdaq Composite shed 2 points to 2,757. All eyes are on Europe. Over here, the news front is quite. On the earnings front, Dollar General reported better than expected earnings and received an upgrade yet the stock is lower. Starbucks is lower on news they are making an acquisition in the bakery business to expand into offering more food. Green Mountain Coffee and Panera Bread are lower on this Starbucks news. After the open, better than expected economic data lifted the averages out of the red. The techs and financials are performing well. Ironically, Google and Apple are struggling. Brocade is down 6% on a downgrade. IBM, HP, Intel, and Microsoft look good. Marvell and Fusion-IO are higher on upgrades. Facebook is higher even though recent survey indicates 80% of Facebook users never click on an ad. The beaten down sector energy and industrials are trying to rally this morning. Material company, Joy Global is higher on comments the company would make a good acquisition target. Hess and Monsanto also look good. Money is coming out of the defensive sectors like utilities, consumer staples, and healthcare. After the first hour the averages remained in the green with the Dow up 25 points and the Nasdaq up 15 points. We're due for a bounce, but so far the rebound has been anemic. Through the morning the averages gave up most of their gains. The Dow fell into the red while the Nasdaq is holding up even as Google and Apple push lower. In the afternoon the averages battled back, fighting to stay in the green. The financials, energy, materials, and consumer discretionary are hold up today which is good. In the last hour the averages fought to stay in the green. The Dow Jones finished up 26 points to 12,127. The S&P 500 added 7 points to 1,285. The Nasdaq Composite gained 18 points to 2,778.
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