Dow -72.95 at 12557.08, Nasdaq -13.86 at 2831.20, S&P -7.57 at 1334.51

Market news

12 May 2011

Dow -72.95 at 12557.08, Nasdaq -13.86 at 2831.20, S&P -7.57 at 1334.51

Stocks remain in the red following a failed attempt to move higher. The ill-fated climb actually saw the Nasdaq come within close reach of the flat line.
Financials have been a heavy drag on trade today. The sector's 1.1% loss takes it to its lowest level of 2011.
Weakness within the financial sector is widespread. Franklin Resources (BEN 126.82, +0.61), Invesco (IVZ 24.68, +0.14), and Chubb (CB 65.17, +0.15) are among the few that have managed to tick higher today. Goldman Sachs (GS 144.16, -3.72) and Citigroup (C 41.92, -1.00) are the worst performers. Their weight has also made them the heaviest drags on trade.

NYMEX WTI has lifted into positive territory now, is up $0.30 at $98.51 and is up almost $3 since the start of the US session.

WTI Crude puts a squeeze on the bears as the US comes in taking the June contract back sharply to $98.00, from earlier lows of $95.23.

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