Wall Street Ran Out Of Good News And Earning Reports

Dow Falls 0.56% On US Debts Rating; More Euro Financial Woes

Stocks beat a path into the red today, with losses accelerating slowly but steadily into the close.

With a general lack of market-moving reports on today's docket, it's possible that traders were indulging in a slightly belated "sell on the news" reaction to last week's onslaught of major economic developments. However, some harsh criticism from China likely stoked investors' anxiety, as the world's largest holder of U.S. debt slammed the Fed's accommodative monetary policy.

Specifically, the Dagong Global Credit Rating Co. slashed its credit rating on the U.S. to A+ from AA, citing a "deteriorating debt repayment capability and drastic decline of the government's intention of debt repayment." Meanwhile, renewed worries about euro zone debt continued to plague the market.

Ahead of the upcoming G-20 finance ministers' meeting in Seoul, traders took the opportunity to pull some profits off the table.

The Dow Jones Industrial Average (DJIA – 11,346.75) finished on a deficit of 60.09 points, or 0.56%, as 22 of its 30 components closed lower. Bank of America (BAC) swallowed the day's steepest loss, while Exxon Mobil (XOM) blazed a path higher for the six advancing blue chips. Both AT&T (T) and Travelers Companies (TRV) finished flat. Despite today's modest dip, the Dow remains well north of its rising 10-day moving average.

The S&P 500 Index (SPX – 1,213.40) followed suit by shedding 9.85 points, or 0.81%. Finally, the Nasdaq Composite (COMP – 2,562.98) one-upped its peers by rising to a new annual high of 2,592.94 right out of the gate, but the tech-rich COMP eventually succumbed to the undertow.

The COMP closed on a slim deficit of 17.07 points, or 0.66%. Like the Dow, both the SPX and COMP are trading comfortably above their respective 10-day trendlines.

BLACK GOLD SNAPPED SIXER WINNING STREAK
Crude futures snapped their six-day winning streak, with the hot commodity's momentum halted by strength in the U.S. dollar. Revived concerns about sovereign debt in the euro zone helped send the greenback higher, which diminished demand for crude futures -- particularly with the front-month contract touching a two-year peak of $88.16 earlier in the session. Crude oil for December delivery shed 34 cents, or 0.4%, to end at $86.72 per barrel.

HAPPY TRADING