CLOSING BELL

Dow 10099.14  -45.05, Nasdaq 2183.53  +6.12, S&P 1075.51  -2.96 

Leadership from the tech sector helped stocks trim steep losses and allowed the NASDAQ to post gains for the day.

The Dollar Index gained today on a decline in the euro, which was fell on a weaker-than-expected fourth quarter Eurozone GDP reading.   Additionally, pledged support for Greece from the International Monetary Fund (IMF) and the European Central Bank failed to support the euro.

In economic reports today January's advance retail sales increased a stronger-than-expected +0.5%. Sales less autos increased +0.6%, which was also stronger than expected.

A lower-than-expected preliminary Consumer Sentiment Survey reading of 73.7 for February and a surprise -0.2% decrease in December business inventories had little reaction by traders.

China announced that it was ordering banks to set aside more deposits as reserves for the second time in a month.  The move is an attempt to slow the growing economy and stop a potential bubble, after loan growth accelerated and property prices surged. The concern here is that their actions could slow the global recovery.

The last three weeks have been bad for the stock market. From its high on Jan. 19 to its low last Friday, the S&P 500 dropped as much as -9.2%, almost hitting a -10.0% decline which would mark a correction. As such, it was nice to see that the S&P 500 was able to post a small gain this week.  The index was up +0.9% for the week but is down -3.6% year to date.

The markets will be closed on Monday in observance of Presidents Day.