Stocks Sink on Disappointing Profits

Of the broader economy, Bloomberg reported this morning that economists at Merrill Lynch reduced their forecasts for U.S. growth. The new figures, described as "adjusting for the new reality," foretell growth of 0.5% in 2009, down from a previous look of 1.5% growth.

Meanwhile, Charles Plosser, president of the Philadelphia Fed, said in a speech this morning that the central bank should reverse its rate-cutting ways, for the moment sparking a reversal in the bond market.

As for Treasuries, the 10-year note was slipping 8/32 to yield 4.07%, and the 30-year was down 15/32, yielding 4.65%. The dollar was rising against the euro and flat vs. the yen.

Overseas, European markets were broadly declining, with London's FTSE and Frankfurt's DAX taking losses. Asia was mixed, with the Nikkei in Japan adding value and the Hang Seng in Hong Kong down fractionally.

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