Closing Bell

Stocks are hitting their fresh day lows. S&P surrendered its early gains, finishing the day 1.9% down. There seems to be a heavy activity at JUN 09 850 puts. All the sectors of S&P today declined. There are 74 advances and 421 declines, rest unchanged.

Oil managed to close the session at 63.45 a barrel , up 1.6%. It seems like investors weren't optimistic about tomorrows economical calendar. Durable goods orders, jobless claims and new home sales are all due in the morning.

Volatility Index for S&P, VIX, is now trading at 32.36. We have seen VIX over 80 this year, ever highs since it was introduced. In normal economies, we see it trading at or below 20.