Courtesy of John Nyaradi.
The European debt crisis growls again and Intel takes tech sector lower
Europe was back on the front burner again today with threats of credit rating downgrades and bond prices rising in Italy.
Major U.S. indexes declined sharply and then held critical support levels with the Dow Jones Industrial Average declining 162 points or 1.3%.
The tech sector (NYSEARCA:QQQ) was hit by a downgrade in sales expectations from Intel (NYSE:INTC)
Wells Fargo (NYSE:WFC) and major U.S. banks led the financial sector (NYSEARCA:VFH) to a loss of 2.2%.
Important technical support levels held today and so will need to hold tomorrow, as well.
Tomorrow brings Retail Sales but the most important event of the day will be the announcement from Dr. Bernanke and the Federal Reserve Open Market Committee.
Global markets are looking for help from central bankers and will be listening carefully to what the FOMC has to say.
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