Stocks returned to their losing ways in midday trading on Wednesday in a broad-based selloff that erased most of Tuesday's gains.
At noon, the Dow Jones industrial average was down 155 points or 1.3 per cent, to 11,921. The broader S&P 500 was down 17 points or 1.4 per cent, to 1270.
All 10 subindexes within the S&P 500 were down, but economically sensitive stocks were hit harder. Financials and energy stocks fell 2.2 per cent each, while energy stocks and information technology stocks fell 1.5 per cent each.
Defensive stocks fared a little better, but were still down considerably. Utilities fell 0.8 per cent, health care stocks fell 0.9 per cent and telecom services fell 1 per cent.
In Canada, the S&P/TSX composite index was down 97 points or 0.7 per cent, to 13,001.
Financials were among the worst hit areas of the market, tumbling 1 per cent. Energy stocks fell 0.8 per cent, while telecom services and materials fell 0.7 per cent each.
Information technology stocks showed the only gains, rising 0.2 per cent after Research In Motion Ltd. rose slightly.
David Berman