The Dow Industrials and the Nasdaq Composite indices fell to
seven-week lows today as the feeding frenzy in emerging markets
continues to infiltrate trader sentiment. Although stocks have
climbed off their worst levels of the day, the U.S. markets still
have erased nearly all of yesterday's gains after an aggressive
rate hike in Turkey overnight failed to halt the sell-off in the
Turkish lira, rekindling worries about slower global economic
The fragile situation overseas also is throwing into question
the potential impact of the Federal Open Markets Committee likely
voting this afternoon for another reduction in its bond-buying
stimulus program on the economies of developing nations.
European markets also were caught up in the global pressure on
equities, with stock markets across the continent all closing
lower. Despite a sizeable increase in a German measure of consumer
sentiment, investors soured on EU-zone markets in sympathy with
U.S. markets and expectations for FOMC action to drive U.S.
Treasury yields higher than their European counterparts.
Crude oil was down $0.49 to $96.94 per barrel. Natural gas was
up $0.09 to $5.03 per 1 million BTU. Gold was up $13.90 to
$1,264.40 an ounce, while silver was up $0.16 to $19.67 an ounce.
Copper was down $0.01 to $3.24 per pound.
Among energy ETFs, the United States Oil Fund was down 0.12% to
$34.65 with the United States Natural Gas Fund was up 2.85% to
$24.87. Amongst precious-metal funds, the Market Vectors Gold
Miners ETF was up 1.69% to 23.71 while SPDR Gold Shares were up
0.84% to $121.97. The iShares Silver Trust was up 0.48% to
Here's where the markets stand at mid-day:
NYSE Composite Index down 42.91 (-0.43%) to 10,023.94
Dow Jones Industrial Average down 126.03 (-0.79%) to
S&P 500 down 9.82 (-0.55%) to 1,782.68
Nasdaq Composite Index -15.85 -0.38% 4082.12
Nikkei 225 Index up 2.70%
Hang Seng Index up 0.82%
Shanghai China Composite Index up 0.56%
FTSE 100 Index down 0.43%
CAC 40 down 0.68%
DAX down 0.75%
NYSE SECTOR INDICES
NYSE Energy Sector Index down 0.25%
NYSE Financial Sector Index down 0.43%
NYSE Healthcare Sector Index down 0.50%
(+) VRNG (+29.22%) U.S. District court rules Google (
), AOL (
) and others should pay the company an ongoing royalty rate of 6.5%
for infringement of patents owned by its I/P Engine unit.
(+) ONVO (+16.53%) Delivered the first 3D liver tissue delivery
to a so-called key opinion leader for experimentation.
(+) GTXI (+8.57%) Positive results from prostate cancer
(-) YHOO (-6.31%) Non-advertising revenue reported in Q4
earnings late Tuesday fell more than expected.
(-) FLDM (-8.76%) Plans to sell $175 million in convertible
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