Markets Extend Losses Over Chinese Factory Data

The markets extended its losses during the midday with the Dow plunging 132 points to 16,444 as expansion of Chinese factory output slowed more than expected in December. Nasdaq dropped 38 points to 4138.

On the upside

Ariad Pharmaceuticals (Nasdaq: ARIA) will present at the 32nd Annual J.P. Morgan Healthcare Conference in San Francisco on Tuesday, January 14.

Yingli Green Energy (NYSE: YGE) entered a joint venture with Datong Coal Mine Group to develop and construct solar power plants in Shuozhou city.

KeyBanc upgraded U.S. Steel (NYSE: X) from a Hold rating to a Buy rating.

On the downside

Shares of China Finance Online (Nasdaq: JRJC) fell ahead of its earnings release after market close today.

Sanofi (NYSE: SNY) agreed to share clinical trial data on a website.

Cowen & Co. downgraded Sprint (NYSE: S) from an Outperform rating to a Market Perform rating.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 7to 3 on Nasdaq. The broader S&P 500 dropped 16 points to 1831. Bitcoin rose $25.56 or 3.20% to $825.56.

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