Wednesday, February 10, 2010

Trade Deficit Widens, Traders Grapple with Greece Relief Beliefs

After yesterday's steep advance on growing expectations that Eurozone officials were preparing to provide support to Greece's deficit issues, stocks have moved slightly below the flatline in morning action amid conflicting reports on whether or not relief for Greece is indeed in the offing. Treasuries are higher as traders grapple with the lingering uncertainty in the Eurozone and following an unexpected widening of the trade deficit and after mortgage applications declined. In equity news, Dow member Walt Disney Co. posted better-than-expected fiscal 1Q results, while Sprint Nextel reported a larger-than-expected loss. Overseas, Asia was mostly higher, and stocks in Europe are moving higher on the speculation about a potential bailout for Greece.

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