Stable midday after a late-morning scare, when stocks dropped just as Europe was closing (11:30am ET). A couple of issues:
1) the euro went into a tailspin at the European close (see my prior note).
2) Moody’s downgraded the hybrid securities of Greek banks at the same time (good call!)
But once Europe closed, stocks stabilized in the U.S., though on low volume. The lesson...get European worries off trading desks, stocks do better.
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