Market Update

Stocks slipped shortly after the open, but were able to rebound for modest gains. The upward move slowed when the Dow came in contact with the 13,000 line, which was last tested in 2008.

Early participants showed little overall excitement to news that eurozone officials finally agreed to give flagging Greece another round of bailout funds. The decision by China’s leaders to reduce the reserve requirement ratio on their country’s banks was also met with little fanfare.

Although modest, a generally positive tone to morning trade helped stocks continue their upward trend before pressure took the S&P 500 to the neutral line. Support there helped restore buying interest and drive a rebound, but momentum stalled when the Dow reached the psychologically significant 13,000 line.

Walmart (WMT 59.67, -2.51) has failed to contribute to the Dow’s advance. Instead, shares of the giant retailer have dropped to a new monthly low in response to a disappointing quarterly report. Fellow blue chips Home Depot (HD 47.09, +0.38) had an upside earnings surprise, while Kraft (KFT 38.61, +0.60) matched the consensus.

No economic data of consequence has been released today, but results from an auction of 2-year Treasury Notes are due at any moment.

Market Update