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Close Update: Stocks Rebound with Bond Market

A rebound in the U.S. bond market helped erase most of today's losses on Wall Street as investor anxiety surrounding a sell-off in global bond markets continued to weigh on equities. The Dow Jones Industrial Average bounced off support at the 50-day moving average, corresponding to a reversal in the 10-year Treasury note, trimming a triple-digit loss at the open by two-thirds and setting the stage for a steady day-long climb that left the major averages with slim losses.

The Dow opened with a triple-digit loss as the feeding frenzy in European bonds rekindled worries over global growth leaving European equities close to 2% lower by the U.S. open. Early pressure on Wall Street was quickly mitigated, however, when the yield on the 10-year Treasury note dropped from 2.36% to 2.26% as prices in the Treasury market stabilized following Monday's steep sell-off.

Today's economic data included data from the Labor Department showing 4.944 million job openings in March, down from 5.144 million in February, and less than the 5.158 expected.

On Wednesday's economic calendar is April retail sales (expected +0.2%), April import (+0.1%) and export (+0.4%) prices, March business inventories (+0.2%), and the Atlanta Fed business inflation expectations.

Here's where the markets stood at the close:

US MARKETS

Dow Jones Industrial Index was down 36.94 points (-0.20%)

S&P 500 was down 6.21 points (-0.29%)

Nasdaq Composite Index was down 17.38 points (-0.35%)

GLOBAL SENTIMENT

FTSE 100 was down 1.37%

Nikkei 225 was up 0.02%

Hang Seng Index was down 1.12%

Shanghai China Composite Index was up 1.56%

UPSIDE MOVERS

(+) PTIE (+35.05%) A study on its REMOXY Extended-Release Capsules CII to discourage drug tampering and misuse met both primary endpoints.

(+) PLL (+19.44%) In the final stages of an auction that could value the company at "well over $10 billion," according to a report from The Wall Street Journal.

(+) AOL (+18.62%) Verizon ( VZ ) offered $4.4 billion to buy company.

(+) CALL (+10.24%) Missed on Q1 revenue but earnings were $0.31, ahead of expectations of $0.23 per share.

DOWNSIDE MOVERS

(-) NOR (-30.67%) Announced a secondary offering of 22.8 million shares by Apollo Global Management

(-) NLNK (-29.90%) Pancreatic cancer study to proceed without interim FDA filing

(-) DEPO (-16.30%) Reported a wider-than-expected Q1 loss

(-) LPSN (-9.83%) Posted downbeat Q1 sales, lowered FY15 guidance, downgraded at Credit Suisse

(-) RAX (-13.50%) Reported disappointing Q1 revenue

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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