Stocks recovered from earlier losses as Treasury yields pulled back from six-year highs hit in the morning session. The energy sector was the sole S&P 500 sector in the green with major oilers moving slightly higher. AOL (AOL) was the clear winner of the day, rocketing higher after Verizon (VZ) said it would acquire the company in a deal worth $4.4 billion. Pall Corporation (PLL) was the best performer on the S&P 500 on reports it is in the late stages of an auction that could value the company at more than $10 billion. Gap (GPS) was the worst performer after missing quarterly sales estimates as currency exchange hurt its topline.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.