(MENAFN- ProactiveInvestors) U.S. stocks tumbled ending a two-day rally as data stoked U.S. growth concerns and speculation increased that Greece won’t be able to resolve its debt crisis.
The S&P 500 (INDEXSP:.INX) fell 1 percent to 2092 at 3:43 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) skidded 0.6 percent to 17947 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) slipped 1.4 percent to 4946.
Concern has grown over whether Greece can meet its obligation to pay about $1.1 billion due to the International Monetary Fund by May 12. The Stoxx Europe 600 Index fell to its lowest level in two years.
DATA:
A report today showed the U.S. trade deficit widened 43 percent to $51.5 billion in March to the highest level in more than six years fueled by a record surge in imports as commercial activity resumed at West Coast ports following a resolution to labor disputes. The jump in the deficit probably means the U.S. economy contracted in the first quarter when the Commerce Department issues revisions later this month.
A separate report showed service industries such as real-estate firms and restaurants unexpectedly grew at a faster pace in April as the biggest part of the U.S. economy picked up after a weak start to the year.
MOVERS:
Walt Disney () added 0.2 percent to $111.22 as the world’s largest entertainment company reported better-than-expected profit and revenue in its fiscal second quarter.
() climbed 1.1 percent to $233.04 after LLC rated the electric-car maker a “buy”.
Kellogg () declined 1.5 percent to $63.19 after saying its first-quarter earnings declined 44 percent as the cereal maker's performance was hit by impacts from a stronger U.S. dollar expenses related to its turnaround effort and mark-to-market losses for pension plans and commodity contracts.
Martha Stewart Living Omnimedia (NYSE:MSO) tumbled 7.9 percent to $5.39 after the media and merchandising company reported a surprise loss in its first quarter.
Estee Lauder () added 3.8 percent to $86.68 after saying new product launches led to better-than-expected earnings in the March quarter.
() climbed 2.3 percent to $567.51 after raised its rating on the company from sell to buy while more than doubling its price forecast.
AcelRx Pharmaceuticals (NASDAQ:ACRX) dipped 28.1 percent to $3.02 after the FDA rejected a meeting request to discuss the need for additional trial of its pain drug device.
COMMODITIES:
Gold for June delivery rose 0.5 percent to settle at $1193.20 an ounce.
June crude ticked up 2.8 percent to $60.57 a barrel on the New York Mercantile Exchange.
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