Storming off session lows, U.S. stocks landed virtually unchanged on Tuesday as Wall Street managed to mostly shrug off its latest batch of jitters about Greece and a disappointing retail sales report.
The Dow Jones Industrial Average, as quoted by foxbusiness.com, rose 4.24 points, or 0.03%, to 12878.28, the Standard & Poor's 500 slipped 1.27 points, or 0.09%, to 1350.50 and the Nasdaq Composite gained 0.44 points, or 0.02%, to 2931.83.
For the third day in a row, the global financial markets were swayed greatly by concerns about Europe's never ending sovereign debt crisis. While enthusiasm for Greece passing a painful austerity package helped send the Nasdaq Composite to 11-year highs on Monday, there were new signs that a bailout is anything but a done deal.
The Greek concerns combined with a weaker-than-expected report on retail sales in January to send the blue chips sinking as much as 80 points before staging a last-minute comeback. The late rally appeared to be sparked by a Greek conservative leader promising to deliver a commitment to international lenders on Wednesday, clearing up a hurdle to its bailout.
“The market has really weathered that intraday selloff with some degree buoyancy,” said Peter Kenny, managing director at Knight Capital Group. “The reasons to sell are not compelling. The reasons to hold are. That’s why the market’s bias is positive."
Pressure on Jakarta Composite Index (JCI) today may abate, while there is no positive sentiments that could boost the market. The index may move at support-resistance level of 3,924-3,982.
The JCI today may move mixed with uptrend position. It may move within the range of 3,909-4,001. Several stocks to watch: ITMG, ANTM, and BUMI.
Disclosure: No position at the stock mentioned above.
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