The markets opened sharply lower on renewed worries about the credit crunch while consumer confidence sank. The Dow tumbled 149 points to 12,704 while Nasdaq dropped 30 points to 2457.
On the upside
Shares of Advanced Micro Devices (NYSE: AMD) bucked the sell-off among tech stocks. The company may benefit from antitrust proceedings filed by the state of New York against chip rival Intel (Nasdaq: INTC).
Information technology provider Synnex (NYSE: SNX) posted higher sales and better-than-expected 4th quarter earnings.
On the downside
Shares of McDonald's (NYSE: MCD) fell after receiving neutral coverage by an analyst.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 710.