4:10 PM, Aug 11, 2009 --
- NYSE down 86.4 (1.3%) to 6,463.62.
- DJIA down 90.5 (1%) to 9,241.
- S&P 500 down 12.7 (1.3%) to 994.35.
- Nasdaq down 22.5 (1.1%) to 1,970.
- Hang Seng up 0.69%
- Nikkei up 0.58%
- FTSE down 1.08%
(+) FNM continues recent run after improved capital position.
(+) AVNR says Zenvia meets Phase 3 trial endpoint.
(+) ANDS gains on Hep C trial results.
(+) HGSI analyst raises price target.
(+) ANPI gets European approval for stent.
(+) CELL secures contract.
(-) FRE surrenders early gain seen in continued reaction to improved capital position.
(-) CIT says SEC filing will be late.
(-) MBI gets analyst downgrade.
(-) AGNC selling stock.
(-) S selling notes.
(-) CPST continues evening decline that followed wider loss.
(-) BWP selling stock.
(-) HPT selling stock.
(-) RINO continues decline following extended-hours earnings out Monday.
(-) AHR swings to loss.
Stock averages shed around 1% as investors hedge bets ahead of the Federal Reserve's two-day meeting.
The cautious mood on the Street took a turn for the worse mid-morning, after the government reported that wholesale inventories fell by 1.7% in June, almost double the 0.9% drop analysts were looking for. Sales, however, rose 0.4% for a second straight month -- the first back-to-back increase in a year.
The economy is the focus after a slew of earnings reports suggested that the recessionary decline was slowing. But investors seem to be looking for more evidence of an improving economy before jumping off the fence.
They should get a snapshot from the Fed. Most analysts believe it will keep interest rates near zero, but the group's economic assessment is highly anticipated.
In other economic news, the Labor Department said this morning that Q2 productivity, grew 6.4%, topping economists polled by Thomson Reuters were looking for a 5.3% increase. Labor costs fell 5.8% during the quarter. Most of the gains reportedly have come from job cuts and other cutbacks.
Financial stocks are leading the market lower on economic concerns, and fears the debt crisis is still not over. Citigroup (NYSE:C) was down nearly 6%.
The dollar was mixed against other major currencies, while gold prices on the September contract are up, the first rise in five sessions.
Oil closed below $70 a barrel. OPEC today left its global oil demand forecast unchanged for this year, projecting a fall of 1.65 million barrels a day compared to last year.