For some, today's selloff had little to do with the latest political drama. That's what we got today. He pointed out that stocks that would be affected negatively by a leadership change ended up on the day. Since May 15, when the Federal Reserve cut interest rates for the fifth time this year, Wall Street has renewed its faith in an economic recovery this year. Over the past week, technical indicators on trading volume and volatility have been bullish.
Investors await earnings outlooks to confirm the rebound theory.
In company news today, a pair of brokerage firms talked up Dell this morning. Merrill Lynch put the boxmaker on its Focus One list, and Goldman Sachs added the company to its recommended list. The economic calendar yields nothing new until Friday's preliminary first-quarter gross domestic product and the April durable goods orders . Across the channel, the Paris CAC-40 slid 62.7 to 5630.7, while Frankfurt's Xetra Dax lost 38.4 to 6232.2. Asian stocks closed slightly lower overnight.