The major indices lift off their session low in a mostly broad-based
recovery effort. The tech sector (+0.6%) is leading the charge higher,
which allows the Nasdaq to climb to positive territory. The Dow and
S&P 500 are now posting a slight loss.
The stock market's recovery comes as crude quickly drops to a 1.4% loss
at $117.53 per barrel as traders continue to digest the government's
weekly inventory data. As a result, the energy sector (+0.1%) is
trading near the unchanged mark.
The telecom sector (-2.1%) is not participating , as it falls to a
session low. Shares of Sprint Nextel (S 7.62, -0.93) are down 11%
after the struggling wireless communication company reported second
quarter results disappointed investors. Earnings per share fell 76%
year-over-year as revenue fell 11% due to subscriber loss.