Volatility ruled the day as the major indices whipsawed between negative and positive territory. The Dow managed to erase a substantial loss and close with a minimal gain. The Nasdaq and S&P erased sizable losses to close slightly lower on the day. Uncertainty is starting to creep back into the market as economic growth in China and especially the euro zone again has investors on edge.
Even with recent down days in the market, stocks are pushing to have their best quarterly gain since 1998. Many analysts are waiting for a pull-back since the market has been on a steady upward trajectory. They think a correction is inevitable at this point, even without a downturn in the macro data. [Read more...]