U.S. stocks started sharply lower Wednesday as worries about the global economy weighed heavily after the prior day's rally. The Dow Jones Industrial Average fell 320 points to 10,919. The Standard & Poor's 500 Index declined 31 points to 1,140. The Nasdaq Composite Index lapsed 68 points to 2,413. So much for yesterday's rally. On the earnings front, Disney is down 12% following a miss on their sales numbers. Computer Science, Macys, and SunPower are also lower following earnings. A few bright spots in the market following earnings include Cree up 14% and Polo Ralph Lauren up 8%. Other than that, not much is trading higher. Through the first hour the averages pushed lower. Plenty of upgrades this morning, but they certainly are not helping. The stocks trading lower that received upgrades include Sandisk, Goldman Sachs, Lorillard, Altria, Allstate, Under Armour, Cisco, Pfizer, Mosaic, and VMware. After the first hour the Dow dropped 400 points and the Nasdaq declined 90 points. I think we've seen this movie before. Through the morning and into the afternoon the averages tried to rebound with little success. A few stocks have peaked into the green including some commodity stocks like Molycorp, Agrium, and briefly Cliffs Natural Resources and Freeport McMoran. The banks have not little success at any rebound. Heading into the last hour the selling accelerated with the Dow dropping back down over 300 points. Not a good sign. In the last hour, the selling accelerated. The Dow Jones Industrial Average dropped 519 points, or 4.6%, to 10,719, near its lows of the session, after a late-day spiral. Tuesday's 430-point gain and Monday's 635-point loss were the third straight session of swings topping 400 points. The last such streak was in late November 2008. The S&P 500 fell 51 points, or 4.4%, to 1,120. The Nasdaq Composite fell 101 points, or 4.1%, to 2,831.
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