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.
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.
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.