The US market lost ground during the mid-day session amidst rising concerns on the global economy crisis and China's disappointing data on manufacturing.
The Dow Jones industrial average lost 1.01 percent or 112.16 points to trade at 11,041.82. The Nasdaq Stock Market Inc. composite index fell 1.05 percent or 26.14 points to trade at 2,454.62. The Standard & Poor's 500 index was down 1.09 percent or 12.67 points to trade at 1,147.73. The New York Stock Exchange composite index slipped 1.86 percent or 129.44 points to trade at 6,845.47.
Hot Stocks of the Day: MHP, CME, HBC, BAC, AAPL, MU
McGraw-Hill Cos. Inc. (NYSE: MHP) is in advanced talks with CME Group Inc. (Nasdaq: CME) to combine stock-market icons such as the Dow Jones Industrial Average and S&P 500 into a joint venture that would give the firms more sway over investors and exchanges around the world, according to people familiar with the situation. Shares of MHP slipped 3.85 percent or $1.62 to trade at $40.66, and shares of CME were down 2.04 percent or $5.25 to trade at $252.25.
HSBC Holdings Plc (NYSE: HBC) won priority for repayment over BNP Paribas SA and five other banks in a U.K. lawsuit seeking at least $250 million from Saudi Arabia's Algosaibi family and their company, which defaulted in 2009. Shares of HSBC fell 4.97 percent or $1.98 to trade at $38.10.
Bank of America Corp. (NYSE: BAC) agreed to reduce its derivative claims against Lehman Brothers Holdings Inc. entities by $4.5 billion and return about $356 million to Lehman to settle disputes over derivatives obligations. Shares of Bank of America fell 0.94 percent or 6 cents to trade at $6.29.
Apple Inc. (Nasdaq: AAPL) is offered a deal by Samsung Electronics Co. Ltd. on a patent dispute over the two companies' tablet computers that could allow the Korean company to launch its Galaxy Tab 10.1 device in Australia. Shares of Apple were down 1.32 percent or $5.14 to trade at $385.43.
Micron Technology Inc. (Nasdaq: MU) announced its fiscal 2011 fourth quarter earnings yesterday after the closing bell.