Stocks Sharply Lower in Mid-Day Trading

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Stocks are sharply lower in mid-day trading as global growth worries continue to weigh down investors’ sentiment. The concerns have overshadowed some better than expected economic data in the U.S.

At last check, the Dow Jones was trading 0.39% lower at 12,927.32, the S&P 500 was trading 0.59% lower at 1,361.54, and the Nasdaq was trading 0.97% lower at 2,947.37.


Basic Materials stocks are leading the losses in the S&P 500 in mid-day trading. At last check, Basic Materials stocks were trading 1.92% lower. Technology stocks are also down sharply in mid-day trading. At last check, Technology stocks were trading 1.29% lower. Consumer Cyclical stocks are currently trading 0.75% lower. Conglomerates are currently trading 0.94% lower. Energy stocks are down 1.06% in mid-day trading.

Among the major gainers and losers in mid-day trading are Archipelago Learning Inc. (NASDAQ: ARCL), which is currently trading 22.35% higher at $11.06, Arcos Dorados Holding Inc. (NYSE: ARCO), which is currently trading 5.88% lower at $19.54, Keryx Biopharmaceuticals (NASDAQ: KERX), which is currently trading 34.57% higher at $4.98, Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), which is currently trading 4.43% lower at $40.17, BP Plc (ADR) (NYSE: BP), which is currently trading 1.64% higher at $48.28, Bank of America Corporation (NYSE: BAC), which is currently trading 2.03% lower at $7.97, and American International Group Inc. (NYSE: AIG), which is currently trading 2.08% higher at $30.42.

Earlier today, a report released by the Commerce Department showed that factory orders dropped 1% in the month of January. However, the decline was less than economists’ forecast of 1.5%. Meanwhile, a report from the Institute for Supply Management showed that the service sector expanded to 57.3 in February.

The better than expected U.S. economic data, however, has been overshadowed by a report from China. Earlier today, China slashed its GDP growth target for 2012 to 7.5% from 8%.

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


Disclaimer: This article is for informational purposes only and does not constitute financial advice. We are not financial professionals. The authors and/or site operators may hold positions in the companies or assets mentioned. Always do your own research before making financial decisions.