Equities Close

Equities finished the day lower with the Dow down 1% to 9908, the S&P declining 0.9% to 1057 and Nasdaq dropping 0.7% to 2126. The Dow closed below 10,000 for the first time in three months. Increasing worries about European debt sent S&P futures modestly lower overnight, but strong earnings from CVS helped to push the S&P into positive territory. The S&P was volatile in early floor trade and hit session highs (1071) ahead of lunch. However, falling Financials dragged the S&P into the red in the afternoon and the index ultimately closed the day at lows. Six out ten sectors in the S&P were lower with Financials down 1.3%. Wells Fargo tumbled 3.6% and Bank of America declined 3.5%. At 8:55am, Johnson Redbook Retail Sales will be released. At 10am, December Wholesale Inventories are expected to rise 0.3% after a 1.5% increase previous. Also at 10am, the February IBD/TIPP Economic Optimism survey is released after a reading of 48.8 in January.