Not Since 1958...

The major averages are slightly positive midday after early selling had the Dow and S&P 500 hit new lows for the year. Headlines continue to be dominated with geopolitical affairs, as the UN deciding to delay a vote on a new resolution for Iraq. Standing out today, long-term interest rates hit their lowest level since 1958.

The Dow Jones Industrial Average ($INDU.X | Quote | Chart | News | PowerRating) is +0.51%  at 7,606.41. The S&P 500 ($SPX.X | Quote | Chart | News | PowerRating) is +0.07% at 808.08. The Nasdaq ($COMPQ | Quote | Chart | News | PowerRating) is +0.29% at 1,282.03.

Biggest advancers are semiconductors ($SOX.X | Quote | Chart | News | PowerRating), +0.83%, consumer ($CMR.X | Quote | Chart | News | PowerRating), +0.72%, and oil ($OIX | Quote | Chart | News | PowerRating), +0.70%.

Biggest losers are airlines ($XAL.X | Quote | Chart | News | PowerRating), -8.21%, gold and silver ($XAU.X | Quote | Chart | News | PowerRating), -1.30%, Internet ($ECM.X | Quote | Chart | News | PowerRating), -1.21%, and transportation ($TRAN | Quote | Chart | News | PowerRating), -0.96%.

In economic news, wholesale inventories fell 0.2% vs. an expected gain of 0.2%.

The 10-year US Note is -010 at 117 250.

The dollar is +0.13 at 98.05.

Gold is -3.90 at 350.90.

Crude Oil  -0.45 at 36.82.

Volume is at 685,105,000 on the NYSE, and at 651,943,000 on the Nasdaq.

Mobile phone giant Nokia (NOK | Quote | Chart | News | PowerRating), +2.04% at 12.93, said that first-quarter revenue will come in at the low end of expectations with its networks division posting a loss.

Aerospace company Goodrich (GR | Quote | Chart | News | PowerRating), -2.49% at 13.73, sold off after announcing lowering its earnings guidance for the year.

Food-processing company Heinz Co. (HNZ | Quote | Chart | News | PowerRating), +1.46% at 29.87, beat its third-quarter earnings by $0.02 with profits of $0.54 per share.

Drug maker King Pharmaceutical (KG | Quote | Chart | News | PowerRating), -22.64% at 12.30, announced that it is being investigated by the SEC, though is not aware of any specific reasons for it.

In the airline sector, Delta Airlines (DAL | Quote | Chart | News | PowerRating), -18.82% at 7.03, announced that it expects negative revenue in the first-quarter due to "depressed consumer demand."

Education company Sylvan Learning Systems (SLVN | Quote | Chart | News | PowerRating), +28.26% at 14.66, rallied after the company said it will now focus only on its post-secondary education, while eliminating its K-12 business and Sylvan Ventures unit.

Travel reservations company Sabre Holdings (TSG | Quote | Chart | News | PowerRating), -2.06% at 15.20, has lowered its guidance for the first-quarter and expects earnings per share to come in at $0.38-0.42 per share vs. previous estimates of $0.47-0.52 per share.

In reaction to warnings in the travel sector, Hotels.com (ROOM | Quote | Chart | News | PowerRating), -4.91% at 43.77, and Expedia (EXPE | Quote | Chart | News | PowerRating), -50.77% at 33.80, sold off in sympathy with Delta and Sabre Holdings. Expedia will begin trading today in accordance with its 2-for-1 stock split.

Home improvement retailer Sherwin Williams Co. (SHW | Quote | Chart | News | PowerRating), -1.05% at 25.33, has issued an earnings warning for the first-quarter, and now sees earnings per share at $0.20-0.23 vs. previous estimates of $0.25.

Being added to the S&P Midcap 400 Index are Corinthian Colleges (COCO | Quote | Chart | News | PowerRating), +2.295 at 36.58, Ruby Tuesday Inc. (RI | Quote | Chart | News | PowerRating), +2.99% at 18.27, and O'Reilly Automotive Inc. (ORLY | Quote | Chart | News | PowerRating), +2.12% at 24.97.

danielb@tradingmarkets.com