Impact Of Tapering Stimulus Sinks Stocks

The markets traded sharply lower during the midday with the Dow collapsing 206 points to 14,905 over fears that a decline in stimulus measures would hurt the recovering economy. Nasdaq plummeted 51 points to 3391.

On the upside

Wright Medical Group (Nasdaq: WMGI) will sell its OrthoRecon implant business to MicroPort Scientific for $290 million in cash.

PTC Therapeutics (Nasdaq: PTCT) climbed on its first trading day.

The Wall Street Journal reported that Microsoft (Nasdaq: MSFT) had been engaged in negotiations to purchase Nokia's (NYSE: NOK) device business.

On the downside

Standard & Poor's downgraded the long term credit rating of Navistar (NYSE: NAV) from B to B-.

Rite Aid (NYSE: RAD) swung to a profit for the first quarter but revenue fell and same store sales dropped.

Falling gold prices weighed down shares of Kinross Gold (NYSE: KGC), Barrick Gold (NYSE: ABX) and Freeport-McMoRan (NYSE: FCX).

In the broad market, declining issues outpaced advancers by a margin of 10 to 1 on the NYSE and by nearly 9 to 2 on Nasdaq. The broader S&P 500 index plunged 23 points to 1605.

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