SmarTrend Market Close Wrap-Up: September 7th, 2010

The major U.S. equities closed lower Tuesday on overseas news regarding European banks. Reports showed that European banks hold more "risky" government debt than previously disclosed during stress tests from earlier this year. In corporate news, after being named co-president of Oracle Corp. (NASDAQ:ORCL), former Hewlett-Packard Co. (NYSE:HPQ) CEO Mark Hurd is being sued by H-P. H-P filed suit in a Santa Clara, California court, according to a Wall Street Journal report, which cited sources close to the matter. The reasoning for the lawsuit is not fully clear yet, but a source told the WSJ that it has to do with a confidentiality provision in Hurd's exit contract with H-P. In other news, FBR upgraded Pioneer Natural Resources (NYSE:PXD) from Market Perform to Outperform, raising the oil and gas exploration company's price target from $60 to $85. The Dow Jones Industrial Average (DJI) closed 1.03% lower at 10,340.69, the S&P500 (INX) closed 1.15% lower at 1,091.84, and the Nasdaq Composite (IXIC) closed 1.11% lower at 2,208.89.

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