U.S. markets dropped more than 1% today as the euro fell off a cliff hitting a 2 year low until the afternoon when the euro regained its footing sending the U.S. dollar lower and equities higher.

The equities sold off on the comments made Monday and Tuesday evening about the Greece exiting the European Union.  The Fitch downgrade of Japan’s long-term debt rating didn’t help matters sending Asian markets last night into a tailspin to only find its way to U.S. market this morning.

The World Bank took a shot at the Asian markets when it announced it was revising its forecast growth for China to slightly above 8% now.

The equity turn in late afternoon was probably short covering from an oversold market the last few weeks.  Global markets suffered losses in recent weeks on persistently hazardous conditions within the euro zone. Once the markets stabilized and turned slightly short sells began to panic and cover their positions sending the markets even a higher to close slightly up or for Dow little of over 6 points down.

Advancing Sectors: Materials +1.1%, Industrials +0.6%, Consumer Discretionary +0.6%, Energy +0.4%, Financials +0.4%, Tech +0.2% Declining Sectors: Telecom -0.2%, Consumer Staples -0.3%, Health Care -0.6%, Utilities -0.7%