Financials Push Broader Markets Just into the Red

4:13 PM, Jan 26, 2010 --

• NYSE down 44.8 (0.6%) to 7,028.31.
• DJIA down 2.8 (0.03%) to 10,194.
• S&P 500 down 4 (0.4%) to 1,092.
• Nasdaq down 7 (0.3%) to 2,204.

GLOBAL SENTIMENT

• Hang Seng down 2.38%
• Nikkei down 1.78%
• FTSE up 16.54%

UPSIDE MOVERS

(+) EMC earnings, guidance beat.

(+) DVAX jumps on study results.

(+) ZIOP gets new U.S. patent.

(+) CPST expands distributor network in Mexico.

(+) MTG beats with Q4 expectations.

(+) MHP beats with results.

(+) YMI gets FDA OK for two trials.

(+) MRNA gets patent.

(+) CTXS gets upgrade.

(+) AMLN gets analyst upgrade.

(+) NVS beats, shuffles execs.

(-) GLW beats with earnings.

DOWNSIDE MOVERS

(-) TXN continues evening slide that followed earnings.

(-) X swings to loss.

(-) JNJ lower despite beat, guidance straddles Street.

(-) VZ slips after earnings release.

MARKET DIRECTION

Major equity averages end narrowly lower, as a fresh push south for financial shares inside the final 10 minutes pulled the broader market into the red. Trade was choppy throughout the session. Stocks shook off global weakness and lower crude prices when a report on consumer confidence surprised to the upside. Apple's (AAPL) post-earnings gain also supported tech issues and the broader market.

Crude futures fell on concerns over demand from China as it attempts to cool its growth and ahead of data expected to show rising U.S. crude supplies. Crude oil for March delivery fell $0.55, or 0.7%, to $74.71 a barrel.

The Conference Board said its index of consumer confidence rose to 55.9 in January from 53.6 in December. It was the third straight increase and the highest level in more than a year. Investors hope that gains in confidence will translate to increased spending by consumers.

Stocks began the day in the red as China moved ahead with a plan to curb bank lending and Japan got a credit rating warning from S&P.