MIDDAY LUNCH

Dow 10928.65  -223.18, Nasdaq 2422.49  -76.30, S&P 1175.19  -27.11 

Stocks remain under pressure today but are up from the session lows.  The mood has been all negative after foreign markets fell.  Greece fell almost -7%, Spain was off -5% and Portugal declined almost -4% all on fears of the sovereign debt problems. 

This has led to a much stronger dollar up +1% putting it at a near 11 month high. This has pressured commodity prices.

Earnings reports for the most part remained positive but have been ignored by the market.

Cognizant Tech (CTSH) reported earnings of $0.53 beating estimates by +$0.05.

CVS Caremark (CVS) reported earnings of $0.60 beating estimates by +$0.02.

MasterCard (MA) reported earnings of $3.46 beating estimates by +$0.32.

Teva Pharm (TEVA) reported earnings of $0.91 beating estimates by +$0.02.

Positive economic reports have also been ignored today.

Factory orders for March posted a surprise +1.3% increase, while economist had estimated the number to be flat.

Pending home sales for March made a monthly increase of +5.3%, which was stronger than the +5.0% increase that had been expected.