The market saw up and down swings.  Financials lead the way in early trade through the afternoon.  Market took a turn when news reports quoted former Greece Prime Minister Lucas Papademos as saying that preparations for the country's exit from the euro zone are being considered, sending the euro and markets lower. U.S. markets saw a late day rally into the close to bring the index back to flat line.

Retailers could hold their gains, sending the SPDR S&P Retail ETF (XRT [stock XRT]) back to the flat line after a rally of more than 1% on Quarterly reports from:

Best Buy (BBY [stock BBY])

Urban Outfitters (URBN [stock URBN])

Polo Ralph Lauren (RL [stock RL]) traders watched Polo Ralph Lauren closely as it doubled its dividend to $0.40 per share.

The Japanese yen was also hit with selling pressure. Its weakness followed a decision by analysts at Fitch to downgrade Japan's long-term debt rating to A+ from AA.

Advancing Sectors: Financials +0.7%, Utilities +0.6%, Consumer Discretionary +0.3%, Industrials +0.2%, Consumer Staples +0.1% Declining Sectors: Telecom -0.1%, Health Care -0.2%, Energy -0.3%, Tech -0.3%, Materials -0.6%