Will the Dow launch a fresh assault on 13,000? The market appeared to be in wait-and-see mode early Wednesday, with index futures dipping slightly and financial stocks falling in pre-market action. European indexes were mostly trading lower,as a purchasing managers index covering 17 countries showed that business activity contracted in February and Fitch lowered Greece’s credit rating. Even a proposal by President Obama to lower corporate tax rates couldn’t spark the market.
Dow futures fell 18 points to 12,927; S&P 500 futures fell 2.5 points to 1,357.6.
Big bank stocks were broadly lower. Citigroup (C) led the sector down, falling 1.3% after a report said the bank could face right-downs as it winds down its Morgan Stanley Smith Barney minority stake. Dell (DELL) fell 6% after projecting lower than expected revenue.
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