Stocks were under pressure for most of the session today, with the DOW closing in the red for the 11th out of the last 12 sessions.  Indices opened lower following drops in European markets and declines accelerated after US reports showed manufacturing slowed in the mid-Atlantic region for the first time in eight months.  The gloomy report was a surprise and came as investors continue to fret about developments in Europe where Greece seems headed for an exit from the euro.  All of the uncertainty caused concern and we saw the major indices trade lower for yet another day. 

DOW    -156 to 12442         
SP500    -19 to 1304
NASDAQ    -60 to 2813

Gold +37.10 to 1573.70 an ounce
Oil -.33 to 92.48 a barrel

In the days’ stock news:

• The long awaited IPO for Facebook is set for tomorrow.  The price range has been finalized and will be determined after the market close.  The company has seen strong demand for shares, and has re-filed twice in the last two days to increase the size and potential price of the offering.
• Wal-Mart rallied after the big-box retailer reported better than expected quarterly results and posted a gain in same store sales.  WMT closed higher more than 5% at $61.68.

Stocks continued to waver today after investors digested the Fed’s latest meeting minutes and following conflicting reports suggesting the ECB could halt monetary operations to certain Greek banks.  The recent Fed minutes showed that several policymakers were in favor of further quantitative easing if the economy falters and members also cited strains in global markets stemming from the banking and debt crisis in Europe.  On a positive note in US economic news, housing starts rose more than expected in April and industrial production grew at its fastest pace in over a year.

DOW    -33 to 12598         
SP500    -5 to 1324
NASDAQ    -19 to 2874

Gold -17.80 to 1539.30 an ounce
Oil -1.14 to 92.83 a barrel

In the days’ stock news:

• GE rallied after the company’s finance arm said it will resume its quarterly dividend to the parent company.   GE shares closed up more than 3% at 19.01.
• Among earnings, Target gained after posting higher earnings thanks to the warm weather.  TGT closed +.24 to 55.32.
• Deere posted earnings that topped estimates and boosted its full-year guidance but did trade lower for the day.  DE closed -2.44 to 74.18.

The market had traded lower for 9 of the last 11 days and had dropped more than 4% this month as great earnings reports have given way to Eurozone financial worries and driven traders to buy the U S dollar which has been up for a record 12 consecutive days and that has weighed on commodity prices.

Market futures were 70 points higher ahead of the opening today on a rebound in financial stocks and reports that retail sales rose in April and consumer prices were flat.  However, shortly before the open, Reuters reported Greece politicians had failed to form a government which means new elections and the fear of a Grecian economic collapse once again hit the market and it opened lower.

The Dow opened – 13

At the close:

DOW  -63 to 12632
S&P 500  -7 to 1330
NASDAQ  -8 to 2893 

OIL  -1.25 to 93.50
GOLD  -10 to 1551

Stocks in the news:

Groupon Inc. shares jumped after the company reported better-than-expected revenue for its first quarter on Monday and issued a strong forecast.  GRPN +3.7%

Shares of Avon Products Inc. fell after Coty Inc. pulled its more than $10 billion bid for the beauty-products firm. In a letter to Avon’s board, Coty said that it had wanted to do a friendly deal, but “your total lack of engagement with us leads us to believe that you remain reluctant to explore a friendly, negotiated, combination on a reasonable timetable.”  AVP -9.7%

Dick’s Sporting Goods rose after reporting a 53% jump in profit that breezed past Wall Street expectations and sent the stock to a new all time high.  DKS  stock was +5.9%

Patriot Coal fell after the company said it anticipates lower sales volume and selling prices and warned of a default by a key customer.  PCX -18%

Stocks clawed back from early lows, but remained in negative territory with all key S&P sectors trading in the red, pressured by concerns over Greece and fears over a slowdown in China.  Greek leaders have extended their talks to form a coalition government to tomorrow, after last ditch efforts to forge a deal failed over the weekend.  With new elections in June becoming increasingly likely, investors worry that the debt-ridden nation may eventually be forced out of the euro zone.  At the end of the day, all three major indices closed in the red.

DOW    -125 to 12695         
SP500    -15 to 1338
NASDAQ    -31 to 2902

Gold -24.10 to 1559.90 an ounce
Oil -1.64 to 94.49 a barrel

In the days’ stock news:

• Avon Products jumped after the cosmetics company said it would consider the latest proposal from Coty, raising hopes of a takeover.  AVP shares were up more than 3.5%.
• JPMorgan Chase continued to slide after the financial giant disclosed last week that it suffered a trading loss of at least $2 billion since the end of March, due to a failed hedging strategy.  JPM closed down nearly 3% at $35.85 a share.
• Facebook continues its IPO roadshow this week, with shares reportedly set to debut on the Nasdaq on Friday.

Stocks bobbed between small gains and losses in quiet trading today, as investors weighed a better than expected consumer sentiment report, which rose to its highest level since 2008, against the news of JPMorgan’s trading loss.  At the end of the day, stocks faded into negative territory and logged a second week of losses.  Here’s a look at how we finished the day.

DOW    -35 to 12819         
SP500    -4 to 1353
NASDAQ    +.18 to 2933

Gold -15.90 to 1579.60 an ounce
Oil -1.25 to 95.83 a barrel

In the days’ stock news:

• JPMorgan said it suffered a trading loss of at least $2 billion from a failed hedging strategy.  Their loss, which was announced yesterday after the bell, dragged on the entire banking sector.  JPM was down nearly 10% while the financial sector was down a little over 1%.
• Verizon and AT&T were among the top performers on the blue-chip index after Credit Suisse raised its rating on both telecom companies to “outperform” from “neutral.”  VZ and T both closed up more than 1.5%.