MIDDAY LUNCH

Dow 11105.35  -99.68, Nasdaq 2495.11  -27.84, S&P 1197.27  -14.75 

Stocks have sold off sharply after the downgrade of Greek and Portuguese debt by Standard & Poor's, it’s the largest one day decline since February.

S&P downgraded the debt rating of Portugal two notches from A+ to A- and said their outlook was negative.  Additionally, S&P downgraded Greece’s debt to junk status.  This had pressured the Euro sending it to 1.3212, its lowest level in over a year.  It has also caused the Dollar to strengthen.

 

In earnings news today 3M (MMM) 88.92 +1.48, +1.69% reported earnings of $1.47 beating estimates by +$0.26.

After the close today Aflac (AFL) 53.13 -1.60, -2.92% is due to report earnings street estimates are for the company to report earnings of $1.32 versus $1.22 a year ago.

Results from the Treasury's $44 billion auction of 2-year Notes produced a yield of 1.02%.

The S&P/CaseShiller Home Price Index for February came in at 144.0, which is essentially in-line with the 144.8 that had been forecast. The 20-city composite for February increased +0.6% year-over-year. Estimates were for an annual increase of +1.3% in February, it was the first rise since 2006.