Today is an excellent example of the headline risk that bedevils the stock market, and will likely continue to do so.
First, vaguely bellicose comments from North Korea earlier in the morning took the Dow down modestly (less than one percent).
Then, when Fitch downgraded Spain's debt rating, the Dow lost about 100 points; it has since come off its lows.
On top of that, oil service stocks, as well as several exploration and production companies, are again weak today as the president's halt of all drilling in the Gulf of Mexico has thrown earnings estimates for many companies out the window (see my prior note).
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