Stocks Tumble At Midweek
NEW YORK (AP) — Stock prices are falling on Wall Street at midday trading Wednesday.
The Dow Jones industrial average is down 95 points. Decliners on the New York Stock Exchange hold a 3-1 lead over gainers.
The Nasdaq Composite Index has lost 26 points.
And the Standard&Poor’s 500 Stock Index is off 11 points.
Trading on the New York Stock Exchange during the first two hours totaled 1.6 billion shares. Volume on the Nasdaq Market came to 692 million shares.
Concerns about the financial sector are driving Wednesday’s selling.
Morgan Stanley reports a sharp decline in revenue sent its fiscal second-quarter earnings plunging 61 percent from a year earlier. And futures and options broker MF Global is predicting that tight credit spreads will weigh on its fiscal first-quarter earnings.
Meanwhile, FedEx warns that weakening demand and surging fuel costs will weigh on fiscal 2009 profits.