WALL STREET : The Dow May's 5th Triple Digits Losses

BEAR HUGGED : Global Markets Mauled

Stocks spent the session swimming in red ink today, as economic concerns from across the pond came back to haunt the Street. Most notably, spending cuts highlighted in the euro zone rescue package fueled fears of economic stagnation throughout the continent, and escalated doubts about the weaker countries' ability to bounce back from jaw-dropping debt.

Meanwhile, the U.S. Senate passed measures allowing the Federal Reserve to regulate debit-card transaction fees, fanning the bearish flames and pressuring financial stocks lower. In addition, disappointing earnings reports from J.C. Penney and Nordstrom Inc. didn't help the bullish cause, negating an unexpected jump in retail sales in April. Against this backdrop, the Dow Jones Industrial Average (DJIA) succumbed to a triple-digit drop for the fifth time this month.

Despite paring some of its losses in the final minutes of trading, the Dow Jones Industrial Average (DJIA – 10,620.16) finished on a deficit of 162.79 points, or 1.51%. In fact, not one of the Dow's 30 blue chips ended in the black, with financial concern American Express paving the path lower.

However, despite today's retreat, the Dow maintained its perch atop its 20-week moving average, finishing the week 2.3% ahead – marking its first weekly gain since mid-April.

The S&P 500 Index (SPX – 1,135.68) gave up 21.75 points, or 1.88%, by the closing bell, but added 2.2% for the week.

Meanwhile, the Nasdaq Composite (COMP – 2,346.85) shed 47.51 points, or 1.98%, by the close, but ended the week with a gain of 3.6%.

Furthermore, the COMP – like the Dow – also found a foothold at its 20-week moving average, but is still staring up at its formerly supportive 10-week trendline.

Crude futures ended at a three-month nadir today, settling lower for the sixth time in seven sessions thanks to the strengthening dollar. Amid the lingering concerns about European debt, the greenback rallied to a 19-month peak versus the euro, making dollar-denominated commodities – like crude – pricier for holders of foreign currencies.

By the close, crude oil for June delivery gave up $2.79, or 3.8%, to finish at $71.61 per barrel. For the week, the front-month contract gave up 4.6%.

HAPPY WEEKEND!