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Although it continues to sport a strong gain, the S&P 500 has drifted lower in recent trade. It now trades near the 1315 zone. Near-term support is said to stand at the 1313 line.
Part of the market's move lower stems from renewed weakness among financial stocks. The sector had staged an early rebound that took it to a solid gain, but that move has failed to hold, so financials are now back near the neutral line with a 0.1% gain.
Bank of America (BAC 9.41, -0.31) continues to be a considerable burden on the overall financial space. Despite an upside earnings surprise for the latest quarter, shares of the diversified bank and financial services giant have dropped more than 3% to a new two-year low.
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