The positive momentum that stocks gained through the last weekend faded a bit during the last session. The glare from the better than expected retail sales results over the weekend temporarily pulled investor attention away from the current and ongoing turmoil in the eurozone marketplace.
Indicators in the Asia zone finished red. The Nikkei dropped by .51 percent. The Hang Seng in Hong Kong fell red by 1.46 percent and the Shanghai Composite dropped lower by 3.27 percent. European markets were lower early but rebounded during the latter half of their respective session. All of this is happening as steep borrowing rates in eurozone countries are keeping investors on edge and pushing investor confidence lower. The negative weight of this applied negative pressure to the primary indices in the U.S. and as a result, futures were posting lower prior to opening bell this morning. Stocks were set for the lower open in the U.S. today but as the trading session reached the mid-day mark, the primary indices were rising. Eurozone indicators closed green across the board today after the rebound. The Dow Jones Industrial Average was higher by 3.54 percent at 11,964.89 at mid-day. The Nasdaq was green by 3.44 percent at 2,602 and the S&P 500 was higher by 3.41 percent at 1,235.89. Central banks around the world are stepping up to help Europe’s financial situation. The Federal Reserve, as well as a handful of other central banks, are making moves to make it cheaper for banks around the globe to borrow the dollar. Indices are shooting higher as a result of this news today.