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Stocks have stabilized since succumbing to a recent bout of selling pressure. Weakness remains widespread, though, as only telecom sports any kind of a gain. Telecom stocks are currently up a collective 0.7%. Energy stocks remain in the worst shape. They are down 1.2%. But with a 0.9% loss, financials aren't too far behind. The financial sector has been dragged down by weakness in American Express (AXP 44.43, -1.36), which is down 3% after investors shrugged off the firm's in-line earnings results. Regional banks were a source of weakness for the financial sector yesterday, but they are more mixed this session. KeyCorp (KEY 8.92, +0.31) is up sharply following its better-than-expected earnings report, but Regions Financial (RF 6.99, -0.31) has fallen precipitously following an upside earnings surprise of its own.
US: Two leading budget groups are urging President Obama to use his coming fiscal year 2012 budget to begin the much awaited "pivot" to policies that begin to tackle the nation's worsening fiscal situation.
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