What Saved Stocks Thursday

Thu, 05/10/2012 - 17:24 EDT - Seeking Alpha

mkaminis By Markos Kaminis (Wall St. Greek): There's no debating which factor drove stocks generally Thursday. It was not the hyped up Jobless Claims data, which only improved modestly, nor was it the hope that a good Greek government might form, though the Global X FTSE Greece 20 ETF (GREK) gained 3.9% on that very hope. Rather, it was the stellar International Trade data that saved stocks. The SPDR Dow Jones Industrial Average (DIA) and the SPDR S&P 500 (SPY) retraced bigger early gains to end up fractionally on the day, while the PowerShares QQQ (QQQ) ended in the red on a sour note from Cisco Systems' (CSCO) CEO John Chambers.The International Trade Report for the month of March showed that the trade deficit expanded by $6.4 billion, widening to $51.8 billion. Economists surveyed by Bloomberg had anticipated the deficit would widen only to $49.5 billion. I know, it sounds bad to the casual follower, butComplete Story »

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