The Market Story

Wall Street Holds Steady

Stock quotes in this article: MVSN , GMST , AXP , DFS , COF , ^GSPC , VZ  

Merrill Lynch downgraded Capital One (COF Quote), American Express (AXP Quote) and Discover Financial Services (DFS Quote) to sell from neutral. Discover fared the best, and it declined 3.2%.

Also, Morgan Stanley cut Capital One to underweight and sliced its price target nearly in half, and Stifel lowered its rating on American Express to hold.

American Express, down 4.3%, was the worst performer on the Dow, and it offset strength in Alcoa (AA Quote) and Verizon (VZ Quote).

The NYSE Financial Sector Index gave back 0.5%, and the Amex Securities Broker/Dealer Index was up 0.1%. The KBW Bank Index was off 1.4%.

An easing in oil prices helped transports move upward. The Dow Jones Transportation Average increased by 1.8% and the Amex Airline Index by 3%. Oil was down $1.95 to $88.28 a barrel.

Asia's major markets were mixed overnight. Hong Kong's Hang Seng tumbled 2.4%, and Tokyo's Nikkei was better by 0.5%. In Europe, London's FTSE and the Paris Cac gained 1.1% and 0.8%, respectively. Frankfurt's Dax rose 0.7%.

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Dow Jones S&P 500 NASDAQ 10-Year Note
10,488.28 1,116.43 2,210.95 34.91
Oil *
79.35
UP
122.13
UP
16.51
UP
37.81
UP
1.11
10 Yr
3.49%
SPDR Gold
116.73
+1.18%
+1.50%
+1.74%
+3.28%
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