- Stocks tumbled after St. Louis Fed president James Bullard said the first rate hike could come as early as Q1 2015, but fought back to finish nearly at break-even; Bullard, a non-voting FOMC member, has offered a similar take in the past.
- Traders said the early selloff may have been the result of one or more large institutional investors pulling out some money as a portfolio allocation shift ahead of the quarter's end, rather than a response to any particular news.
- Financials were among the hardest-hit shares, but the primary cause likely was the fraud lawsuit against Barclays; banks such as Morgan Stanley, Goldman Sachs, JPMorgan Chase and Citigroup all fell.
- Participation again was weak at fewer than 600M shares changing hands at the NYSE.
- Treasurys spent most of the session in the green, ending just below their highs; the yield on the 10-year note fell by 3 bps to 2.53%.
Early stock losses cooled by afternoon surge, indexes finish near break-even
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