Stocks Continue to Tumble in Mid-Day Trading
Stocks have continued to their slide in mid-day trading, with all three major indexes down sharply currently. Stocks have been pushed lower on renewed worries over the euro zone after Moody’s cut Spain’s credit rating to Aa2. A weaker than expected initial jobless claims report has also pushed market lower in trading today.
In mid-day trading, the Dow Jones is down 1.41% to 12,040.50, the S&P 500 is down 1.41% to 1,301.40, and the Nasdaq is down 1.52%.
The decline in the S&P 500 is being led by Energy and Basic Materials stocks, which are down more than 2%. At last check, Basic Materials stocks were down 2.64%, while Energy stocks were down 2.40%. Industrials have also fallen sharply in mid-day trading. At last check, Industrials were down 1.83%.
Among the major losers in the Basic Materials sector in mid-day trading are Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), which is currently trading 1.09% lower at $47.92, Silver Wheaton Corp. (NYSE: SLW), which is currently trading 5.90% lower at $40.83, Potash Corp. (NYSE: POT), which is currently trading 2.58% lower at $54.41, and The Mosaic Company (NYSE: MOS), which is currently trading 1.59% lower at $77.59.
Other major losers in mid-day trading include Canadian Solar Inc. (NASDAQ: CSIQ), which is currently trading 14.89% lower at $11.66, and Suntech Power Holdings Co. Ltd. (ADR) (NYSE: STP), which is currently trading 7.63% lower at $8.47.
Human Genome Sciences (NASDAQ: HGSI) shares are soaring in trading today despite a decline in the broad market. Shares of the biopharmaceutical company are soaring after the U.S. FDA approved its BENLYSTA for treatment of systemic lupus. Human Genome Sciences shares are currently trading 13.74% higher at $29.21.
Other major gainers in mid-day trading include Starbucks Corporation (NASDAQ: SBUX), which is currently trading 9.22% higher at $37.72, Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR), which is currently trading 40.28% higher at $61.22, and Semtech Corporation (NASDAQ: SMTC), which is currently trading 13.73% higher at $25.59.
