October 24, 2012-Stocks Close Moderately Lower Looking to Confirm Channel Support

Stocks moved moderately lower over the course of the trading day on Wednesday after failing to sustain an initial upward move. Lingering concerns about the outlook for the global economy weighed on the markets, leading to an extension of the sharp drop seen in the previous session. The major averages moved to the downside going into the close, ending the session near their worst levels of the day. The Dow edged down 25.19 points or 0.2 percent to 13,077.34, the Nasdaq slipped 8.76 points or 0.3 percent to 2,981.70 and the S&P 500 dipped 4.36 points or 0.3 percent to 1,408.75. While bargain hunting helped push stocks higher at the start of trading, buying interest waned not long after the open amid concerns about the outlook for the markets against the backdrop of a generally disappointing earnings season. Even though several well-known companies reported better than expected quarterly results, troubling forecasts from other big-name companies have led to worries about the economic outlook.