Late Swoon Thumps Indexes, ETFs

The Dow Jones Industrial Average lost ground rapidly at the end of the day despite a spate of positive earnings, closing below 10000 for the first time this week.

The Dow shed 92 points to close at 9949. The Nasdaq dropped 13 to 2151, and the S&P 500 ended down 10 at 1081.

Although there have been many instances of good earnings news in the last two weeks, investors may be consolidating.

"This market has come very far, very fast," said Tommy Williams, president of Williams Financial Advisors. "You've got to have a sell discipline to protect the gains you've made."

Wells Fargo (WFC) shares declined sharply after Rochdale Securities analyst Richard Bove recommended avoiding the stock and cut his rating to Sell from Neutral. Morgan Stanley (MS) shares were up after it reported a return to the black.

As of 4:04 p.m., oil futures traded on the Nymex were down 45 cents from the regular session close at $80.95 a barrel, following an Energy Department report showing a drop in gasoline inventories.

For a detailed rundown on Wednesday’s trading session see our market story. 

The iPath Exchange Traded Notes S&P GSCI Crude Oil Total Return Index fund (OIL) rose 2.5% as crude shot up past $81 a barrel during the regular trading session. The iShares MSCI Brazil Index fund (EWZ) climbed 1.6% on rising energy prices, despite a small dip on Brazil's Bovespa index.

Bove's downgrade hit the SPDR KBW Bank fund (KBE) as investors bailed out of financials and pushed shares down 2.6%. The iShares Dow Jones Transportation Average Index fund (IYT) dropped 32.7% on rising fuel costs.

Launching Pad
Pimco plans to launch a pair of Treasury-linked exchange-traded funds. The offerings from the world's largest bond fund manager in terms of assets will track the BofA Merrill Lynch Long Treasury Principal STRIPS Index with the
Pimco 20+ Year Zero Coupon U.S. Treasury Index fund, while the Pimco 3-7 Year U.S. Treasury Index Fund will track the Merrill Lynch 3-7 Year U.S. Treasury Index. The 20-year fund was listed Friday but has not started trading. Both funds will charge 0.15% in expenses, according to the prospectuses.

Earnings and Conference Calls
1-800-Flowers.com, 3M Company, Acacia Research, Akeena Solar, Alaska Air Group, Alexion Pharmaceuticals, Align Technology, Amazon.com, American Express, American River Bankshares, AmSurg, Associated Banc-Corp., AT&T, AU Optronics, Autobytel.com, Avid Technology, BancorpSouth, BJ's Restaurants. Black & Decker, Bottomline Technologies, Briggs & Stratton, Bristol-Myers Squibb, Broadcom, Bucyrus International, Builders FirstSource, Bunge Limited, Burlington Northern Santa Fe, Cabot Microelectronics, Capital One Financial, Cash America International, Celgene, Chartered Semiconductor Manufacturing, Check Point Software Technologies, Cheesecake Factory, Chipotle Mexican Grill, Chubb, Citizens Banking, City National ,CoBiz, Columbia Sportswear, Community Bank System, Computer Programs and Systems, Compuware, CONSOL Energy, Cooper Industries, Corus Entertainment, Credit Suisse Group, Cybersource, Danaher, Deckers Outdoor, Delta Air Lines, Deluxe, Developers Diversified Realty, Digirad, Dow Chemical, Eagle Materials, EMC, Emulex, Entergy, Federated Investors, Fifth Third Bancorp, First Commonwealth Financial, Freescale Semiconductor, Goodrich Corporation, Great Southern Bancorp, Greenhill & Co., Healthways, Hershey, Hittite Microwave, Hoku Scientific, Huntington Bancshares, Independent Bank, Informatica, Insteel Industries, Isilon Systems, ITT Educational Services, Janus Capital Group, JetBlue Airways, Juniper Networks, Kensey Nash, Kimberly-Clark, Laboratory Corporation of America, Leggett & Platt, Lender Processing Services, Life Time Fitness, Marshall & Ilsley, MBT Financial, McDonald's, Merck & Co., Microtune, Monolithic Power Systems, Netflix, New York Times, NewMarket, Nucor, Occidental Petroleum, OceanFirst Financial, Old Dominion Freight Line, Old Republic International, Philip Morris International, Potash Corporation of Saskatchewan, Precision Drilling Trust, ProLogis, Provident Financial Services, Rambus, Reliance Steel & Aluminum, Reynolds American, RightNow Technologies, Riverbed Technology, Rocky Brands, ScanSource, SCBT Financial, Schering-Plough, Seattle Genetics, Select Comfort, Sonoco Products, Spartan Motors, Starwood Hotels & Resorts, Sterling Financial, SunPower, SunTrust, Superior Uniform, Synovus Financial, Teledyne Technologies, Temple-Inland, Terra Industries, Travelers, Union Pacific, US Airways, Valley National Bancorp, W.R. Grace & Co., WESCO International, Western Digital, Westwood Holdings Group, Xerox, Zimmer Holdings

Economic Data
8:30 a.m. Jobless Claims
10:00 a.m. FHFA House Price Index
10:00 a.m. Leading Indicators
10:30 a.m. EIA Natural Gas Report
4:30 p.m. Fed Balance Sheet
4:30 p.m. Money Supply