Friday, May 28, 2010

Momentum, Sentiment Shifts Again?

Dow is down 130 points, erasing half of yesterday's gains. What a day! Bulls are trying to recover some momentum, but today's news is not bull-friendly!

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SAN FRANCISCO (MarketWatch) -- Stocks slid further after Fitch Ratings cuts Spain's debt ratings to AA+. The Dow Jones Industrials Average /quotes/comstock/10w!i:dji/delayed (DJIA 10,144, -114.58, -1.12%) fell 145 points to 10,109 on Friday, while the Nasdaq Composite /quotes/comstock/10y!i:comp (COMP 2,253, -25.03, -1.10%) declined 31 points to 2,246 points and the S&P 500 /quotes/comstock/21z!i1:in\x (SPX 1,092, -11.51, -1.04%) lost 16 points to 1,087.