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Here are the top stories affecting trade in the U.S,. markets today:
1. New talks began today in Brussels over the debt crisis in Greece. Athens is asking for a 6-month loan extension but Germany says that the country must stick to the austerity plan. No one wants a national bankruptcy so look for an 11th-hour compromise deal to be struck next week.
2. No deal has yet been reached in the West Coast port labor dispute. 20 ports are closed for the 4th day, stalling the flow of goods into and out of the U.S. The two sides may have to go to D.C. to broker a deal.
3. The tech heavy Nasdaq closes in on all-time highs that haven't been breached since March, 2000. Valuations are about 1/8th of what they were back then, just prior to a 63% crash in the index.
4. Shares of Wal-Mart (WMT) fell another 1.2% at the open after the company was downgraded to "equal weight" from "overweight" by Barclays. This follows yesterday's decision to raise the minimum pay at the company to $9 per hour, well above the minimum wage.
5. Shares of British Petroleum (BP) are trading higher today despite news that the company may be liable to pay $13.7 billion under the federal Clean Water Act. The company lost a battle in court to reduce the fine.
6. Natural gas continues to rally off its lows near $2.55 in the wake of extremely cold weather throughout the U.S. and Europe. It is up about 17% over the past 9 trading sessions.