The major indices are posting a loss, although the scope of this
session's decline is modest when compared to yesterday's massive rally.
Three of the ten sectors are posting a gain. The energy sector (+3.0%)
is leading the way as it trades higher in conjunction with a rise in
crude oil prices (+5.7% to $66.28).
Consumer discretionary (-2.1%) is a laggard as retailers fall 2.5%.
Struggling retailer Office Depot (ODP 1.74, -0.15) reported a 7.1% drop
in revenue and an unexpected loss in the third quarter, sending shares
8% lower.
The dollar is taking a beating after rallying the past few weeks. It
is down 1.8% against a basket of currencies as the euro (+2.8%) and
pound (+3.5%) rally. Conversely, the yen, which has recently soared
against world currencies, is down 0.5% against the dollar on continued
reports that the Bank of Japan may cut its benchmark lending rate.