After Tough Week, Stocks Lose Ground

After Tough Week, Stocks Lose Ground
Traders work on the floor of the New York Stock Exchange.
(Photo: Justin Lane, EPA)

U.S. stocks opened higher but have now turned negative after a brutal week.

As of 11:49 a.m. ET, the Dow Jones industrial average is down 0.1%, the S&P 500 is off 0.1% and the Nasdaq composite is 0.4% lower. Stocks had opened higher, the Dow being up more than 100 points at the opening bell.

Last week, Wall Street had one of its worst weeks in the year, with the Dow plunging 315 points on Friday.

PetSmart (PETM) is up more than 4% on Sunday’s news that the pet products retailer is being acquired for about $8.2 billion. The transaction, led by group of investors led by BC Partners and including Longview Asset Management, is the biggest private equity deal of 2014.

U.S. manufacturing output in November surpassed its pre-recession peak, as auto production kicked into a higher gear. The Federal Reserve said Monday that factory production rose 1.1% last month, up from a 0.4% improvement in October.

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Source: USA Today | Jane Onyanga-Omara

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