Trader Talk

Pisani: Pause En Route to Dow 11,000


We started the day with the Dow Industrials within 60 points of 11,000...but faded as Europe closed on the lows of the day at the same time as the euro hit its lows.

Dow 11K?

Greece, which priced a 5 billion euro 7-year bond offering on Monday, attempted a follow-up 1 billion euro sale this morning, but the market didn't seem to be interested.

Yields on the 7-year backed up to 6.24 percent, nearly a quarter point above yesterday's yield.

And the Greeks still need to raise another 10 billion euros in the next month or so. They will have to wait for the markets to settle down a bit.

Adding to the weakness here was a rise in the U.S. 10-year Treasury yield. Financials led the initial declines in the stock market.

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