U.S.
stocks fell for a second day as economic data signaled a slowdown in
American manufacturing and some banks said Russia™s economy will enter a
recession.
Alexion Pharmaceuticals
Inc. tumbled 5.5 percent, helping drive the Nasdaq Biotechnology Index
toward the biggest two-day retreat since 2011. Tesla Motors Inc. and
Facebook Inc., among this year™s best performers in the Nasdaq 100
Index, dropped at least 4.8 percent, dragging the technology gauge
toward its lowest level since February. NetApp Inc. slipped 3.7 percent
after Morgan Stanley cut the stock™s rating.
The Standard & Poor™s 500 Index fell 0.8 percent to 1,851.26 at 12:41 p.m. in New York. The Dow Jones Industrial Average
slid 76.52 points, or 0.5 percent, to 16,226.25. Trading in S&P 500
stocks was 11 percent higher than with the 30-day average during this
time of the day.
The Markit Economics preliminary index
of U.S. manufacturing decreased to 55.5 in March from 57.1 a month
earlier, the London-based group said today. A reading above 50 indicates
expansion. This month™s reading was the second- highest since January
2013.
Copy Source: Bloomberg
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