At the time of posting the Dow was down 91.31 to 12,644.98. Oil was down $.98 to $85.01, and Gold is down $11.70 to $1577.50.

Stocks faltered today as concerns about corporate earnings falling short of expectations made investors nervous. Corporate outlooks are at their most negative in nearly four years, and companies that have reported earnings have shown lackluster growth.

Financial leaders are sounding the alarm about the fragile banking system in Europe. There is a lack of a central credible authority to protect European bank depositors against losses should the banks fail. Greek depositors in particular fear that if their country were to exit the eurozone, they could find their euro deposits converted into drachmas at only a fraction of their present value.

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