Posted: 2/22/12 1:15 PM ET
The US equity markets are under pressure in afternoon action, following a broad-based decline in European stocks, courtesy of resurfacing recession concerns toward the eurozone in the wake of some disappointing services and manufacturing data. Treasuries remain higher in afternoon action amid the declines in stocks, and despite a solid gain in US existing home sales. Meanwhile, a separate report showed US mortgage applications declined. In US earnings news, Dell Inc posted disappointing 4Q profits and offered a lackluster revenue outlook, and Toll Brothers Inc reported a surprising quarterly loss, while results from Chico’s FAS Inc and Garmin Ltd both bested the Street’s expectations. Gold is trading slightly to the downside, and crude oil prices are mixed but remain well above the $100 per barrel mark amid geopolitical concerns in the Middle East, while the US dollar is moving modestly higher.
