Market Flash: Market Mixed

Breakfast Bites:  Equities are mixed this morning, currently trading between negative and positive territory on continued concerns over a recession in Europe after some weak economic reports

  •  The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 4.5% in the week ended Feb 17.

  • Sales of previously owned U.S. homes rose in January by 4.3%, the highest level since May 2010

  • European services and manufacturing output unexpectedly shrank in February (49.7 from 50.4) as the euro-area economy struggled to rebound from a contraction in the fourth quarter.

  • China's manufacturing sector contracted for the fourth month in a row in February.

  •  Fitch Ratings downgraded Greece’s credit rating to C from CCC, signaling it expects imminent default