Wall St. >>> DJIA Erases 180-Point Deficit in Eleventh-Hour Rebound

The Dow Recapture Lost Grounds At The Dearth
Stocks spent most of the session south of breakeven today, as lingering concerns about European debt continued to haunt the Street. In fact, embodying the widespread fear was the euro's fresh four-year low versus the greenback, which weighed on dollar-denominated commodities like crude oil.

Meanwhile, a round of disappointing manufacturing data added fuel to the bearish fire, while a weaker-than-expected outlook from home-improvement heavyweight Lowe's Companies sparked caution ahead of reports from blue chips Home Depot and Wal-Mart Stores. However, in the wake of a valiant eleventh-hour coup by the bulls, all three major market indexes eked out a gain by the close.

After giving up 180 points at its intraday low, the Dow Jones Industrial Average (DJIA – 10,625.83) reversed course around midday, settling with a slim gain of 5.7 points, or 0.1%. Half of the Dow's 30 components ended higher, led by Kraft Foods and AT&T, while Alcoa Inc. and Caterpillar paced the 12 decliners; the shares of DuPont, 3M Company, and Travelers Cos. settled right where they began.

The S&P 500 Index (SPX – 1,136.94) also staged a late-session turnaround, eking out a gain of 1.3 points, or 0.1%. Finally, the tech-rich Nasdaq Composite (COMP – 2,354.23) was the first major market index to peek its head above breakeven, ending with the most impressive gain of 7.4 points, or 0.3%.

Crude futures tumbled to a five-month low today, as a strengthening greenback made it more expensive for foreign-currency holders to purchase the dollar-denominated commodity. In addition, economists are predicting a glut of 800,000 barrels ahead of Wednesday's domestic inventories report, boosting investors' demand-related concerns. By the close, crude oil for June delivery swallowed its fifth straight loss, surrendering $1.55, or 2.2%, to settle at $70.06 per barrel.

A dismal day in the equities market was a boon for gold futures today, as the malleable metal attracted a slew of safe-haven seekers. Against this backdrop, June-dated gold futures added 30 cents, or 0.02%, to end at $1,228.10 an ounce. Elsewhere in the metals market, copper futures plummeted nearly 7% in the wake of weaker-than-expected manufacturing data, as well as mounting concerns about economic stagnation in China. By the close, copper for June delivery shed 20 cents to finish at $2.92 a pound.