The U.S. market slumped for the sixth straight day as frustration over the euro zone debt crisis coupled with weak Chinese factory data sank sentiment.
The Dow Jones industrial average fell 2.05 percent or 236.17 points to close at 11,257.55. The Nasdaq Stock Market Inc. composite index slipped 2.43 percent or 61.20 points to close at 2,460.08. The Standard & Poor's 500 index was down 2.21 percent or 26.24 points to close at 1,161.80. Among other major indices, the New York Stock Exchange composite index slipped 2.02 percent or 143.33 points to close at 6,951.56. The American Stock Exchange composite index was down 2.43 percent or 52.81 points to close at 2,125.06.
Hot Stocks of the Day: ABB, APL, JPM, T, DE, MRK
ABB Ltd. (NYSE: ABB) agreed to buy Canadian company Envitech Energy to expand its offerings in the electrical equipment sector for rail infrastructure. Shares of ABB were down 2.25 percent, or $0.39, to close at $16.99.
Atlas Pipeline Partners LP (NYSE: APL) is lifted to B1 from B2 by Moody's Investors Services, while revising its outlook to stable from positive. Shares of APL were down 1.66 percent, or $057, to close at $33.84.
JP Morgan Chase & Co. (NYSE: JPM) plans to acquire all stake in MF Global Holdings Ltd. in the London Metal Exchange. Shares of JPM slipped 3.47 percent, or $1.02, to close at $28.39.
Shares of AT&T Inc. (NYSE: T) fell 1.64 percent, or $0.46, to trade at $27.62 amidst reports that the U.S. Federal Communications Commission plans to oppose AT&T's $39 billion merger with T-Mobile, increasing the chances that 2011's largest merger will fail. Shares of AT&T were down 1.85 percent, or $0.52, to close at $27.56.
Deere & Co. (NYSE: DE) declared net income of $669.6 million, or $1.62 per share, for the fourth quarter ended October 31, compared with $457.2 million, or $1.07 per share, for the same period last year. Analysts had estimated a net profit of $1.44 per share for the company. Worldwide net sales and revenues increased 20 percent, to $8.612 billion, for the fourth quarter. Shares added 3.31 percent, or $2.38, to trade at $74.30. Shares added 3.92 percent, or $2.82, to close at $74.74.
Shares of Merck & Co. Inc.