U.S. stocks opened lower on Wednesday, extending the prior session's sharp decline, as investors worried about the escalating trouble in Europe. The Dow Jones Industrial Average fell 85 points to 10,841. The S&P 500 Index dropped 11 points to 1,162. The Nasdaq Composite shed 33 points to 2,391. Everyone on T.V. went from bullish to bearish overnight. The commodities continue to get hit. Freeport is down as copper prices drop to a 3 month low. Fertilizer, Agrium is down 2% after missing estimates by 37 cents. A couple of oil stocks are higher. Devon Energy is up 2% following earnings and a share buyback. BP is actually higher once again after stopping one of their leaks. The financials are modestly lower once again except for Goldman which is modestly higher. The Intecontinental Exchange is higher after beating earnings estimates. A number of techs are trying to rebound. Intel is modestly lower on a downgrade. Within the first hour the Dow fell over 100 points and Nasdaq fell 41 points before rebounding. A couple of drug companies Myriad Genetics and Intermune are down 25% and 75% respectively following negative news from the FDA regarding their drugs. News Corp and Time Warner are both lower even though both beat expectations. Through the morning the averages tried to get back to the unchanged level. A number of financials have moved into the green. XL Capital is up 6% following earnings. A number of techs are trying to rebound. Google is higher after touching $500 a share on the open. During the lunch hour the Dow rallied into the green thanks in part to the financials. After the lunch hour the averages fell back into the red, but no heavy selling. In the last hour the averages sold off and then recovered a little bit. The Dow Jones Industrial Average finished down 59 points, or 0.6%, at 10,866. The S&P 500 index lost 7 points, or 0.7%, to end at 1,165, while the Nasdaq Composite fell 21 points, or 1%, to 2,402.
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