Tuesday, May 4, 2010
Stock Market Commentary:
The major averages tanked on Tuesday after the euro plunged to a one year low as fear spread that Europe’s debt crisis will spread and China’s manufacturing fell to a six-month low. Volume totals jumped on both exchanges reported on the NYSE and on the Nasdaq exchange compared to Monday’s levels which marked another distribution day for the major averages and led the NYSE composite to break its 50 DMA line for the first time since the March 1, 2010 FTD. Decliners trumped advancers on both exchanges but new 52-week highs still outnumbered new lows.