U.S. stocks dropped at Wednesday's start after another steep drop in Chinese equities fanned worries that stock evaluations had surpassed expectations of a global economic recovery. The Dow Jones Industrial Average fell 73 points to 9,144. Alcoa is down 5% on a downgrade from Goldman Sachs. The S&P 500 Index dipped 8 points to 980. The Nasdaq Composite declined 19 points to 1,936. The earnings keep coming in better than expected, but cautious guidance has both Deere and HP trading down over 2%. Eaton Vance and Analog Devices are also lower following earnings. BJ Wholesale is higher after beating earnings estimates. Plenty of upgrades and downgrades particularly in the retail sector. Ann Taylor is up 5% on an upgrade. Target, Gymboree, and Gap are modestly higher on upgrades. Lowes was downgraded and Home Depot was upgraded, but both are modestly lower. After the first half an hour, the averages recovered most of the losses. The retailers and financials are moving into the green. Citigroup is unchanged following more insider buying. Home builders, Toll Brothers and D.R. Horton are modestly lower on downgrades. Disney is higher on an upgrade while Cigna is lower on a downgrade. A mixed market. Through the morning the averages remain in the red, but not by much. Financials and retailers are holding up well. At the start of the lunch hour, the averages were hit with a spike in buying. No real reason for the buying enthusiasm. The Dow pushed higher, rising 85 points back above 9300. The Nasdaq rose just 13 points. In the last hour, the averages pulled back from the highs, but remained in the green. The Dow Jones Industrial Average finished up 61 points at 9,279. The S&P 500 Index climbed 6 points to 996, while the Nasdaq Composite advanced 13 points to 1,969.
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