Market Reflections

Stocks were unable to build on yesterday's big gain. The S&P 500 ended at its lows, down 2% at just over 800. Volume was once again thin in what the optimists say reflects a lack of sellers. The dollar edged about 1 cent higher to $1.3439 against the euro amid talk that U.S.-Europe interest rate differentials are bound to come in as the ECB cuts rates. Oil ended little changed ahead of tomorrow's inventory data with May WTI ending at $53.60. Gold slipped about $10 to $929.00. Treasuries were mixed despite a strong 2-year note auction. The 2-year yield ended at 0.90 percent.