Rising Mortgage Rates Weigh Down Markets
Rising mortgage rates weighed down the markets during the midday with the Dow losing 17 points to 11,567. Nasdaq slipped 2 points to 2664.
On the upside
A U. S. automotive company expanded its contract with Wave Systems (Nasdaq: WAVX) by an additional $5.2 million.
Focus Media Holding (Nasdaq: FMCN) will pay approximately $61 million to acquire more than 15 million common shares of VisionChina Media (Nasdaq: VISN).
Bezinga.com contributor Roger Nachman highlighted the turnaround of General Motors (NYSE: GM) and its emegence from bankruptcy in 2010.
On the downside
American Express (NYSE: AXP) was the largest decliner among Dow components amidst continued concerns about fees.
Petters Group Worldwide sued JPMorgan Chase (NYSE: JPM) over proceeds from the sale of Polaroid Holding.
General Electric (NYSE: GE) sold the most corporate bonds in 2010.
In the broad market, declining issues edged out advancers by a slim margin on the NYSE while advancers outpaced decliners by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 792.
