04:29 PM Eastern Daylight Time, 05/05/2010 (MidnightTrader) – -NYSE down 79.4 (1.1%) to 7,257.88. -DJIA down 59 (0.6%) to 10,867. -S&P 500 down 7.7 (0.7%) to 1,166. -Nasdaq down 22 (0.9%) to 2,402. GLOBAL SENTIMENT Hang Seng down 2.10% Nikkei up 1.21% FTSE down 1.28% UPSIDE MOVERS (+) WCG beats with Q1, guides in line with Street for year. (+) ICE beats with results. (+) OSIR gets orphan drug status for diabetes drug Prochymal. (+) DVN beats with results. (+) SNX raises Q2 earnings view above Street. DOWNSIDE MOVERS (-) INSP meets with Q1, offers mixed guidance. (-) TWX beats with Q1. (-) ITMN down sharply; gets complete response letter for Esbriet (pirfenidone) for the treatment of patients with idiopathic pulmonary fibrosis (IPF) to reduce decline in lung function. (-) GRMN misses Q1 expectations. (-) MYGN continues evening slide after earnings, guidance miss. (-) AIG down as Prudential delays rights prospectus which may delay plans to buy AIG Asian assets. MARKET DIRECTION Stocks are down considerably for a second session, though Tuesday’s slide was deeper, in continued reaction to European debt uncertainty and the impact those jitters are having in driving up the dollar. A firmer greenback pressured commodity prices, which weighed on related stocks. Stocks did rebound around midday as investors focused on the latest upbeat economic reports. A sell-off was triggered yesterday over concerns about whether the $144 billion aid package for Greece would stem the country’s growing debt crisis and leave euro nations with enough money to address potential problems elsewhere. The Dow Jones industrial average fell 225 points yesterday, its biggest drop in three months. Today, concerns heightened when Portugal was put on standby for a credit rating downgrade today by Moody’s Investor Services. The rating agency, in effect, warned it may downgrade Portugal’s Aa2 debt rating in the next three months. Standard & Poor’s last week cut its rating fueling the latest crisis. On the economic front, payroll company ADP says private employers added 32,000 jobs last month. Economists were forecasting a gain of 30,000 jobs. The Labor Department will report on the widely watched unemployment rate on Friday. It held at 9.7% last month, even though employers added 200,000 jobs. The Institute for Supply Management, however, reported that its non-manufacturing index held at 55.4% in April. Economists polled by Thomson Reuters were looking for an increase to 56 from 55.4 in March. A reading above 50 indicates the economy is expanding. The dollar’s relative strength knocked the wind out of commodity prices. Commodities were mostly lower with gold finishing the day higher while crude oil futures finished below $80 a barrel as worries that Greece’s debt situation would spread to other countries. Crude oil for June delivery lost $2.77, or 3.3%, to $79.97 a barrel. In other energy futures, heating oil was down 3.39%, or $0.07, to $2.18 while natural gas was down 0.70%, or $0.03, to $3.98. Meanwhile, gold for June delivery added $5.80, or 0.5%, to $1,175 an ounce. In other metals, silver futures were down 2.06%, or $0.36, to $17.47 an ounce while copper futures were down 1.09%, or $0.03, to $3.14 a pound.

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