Stocks continued to slide in midday trading on Wednesday, with nervousness over the U.S. debt impasse and a disappointing reading on durable goods orders pointing to a soft economy.
At noon, the Dow Jones industrial average was down 113 points or 0.9 per cent, to 12,388 -- putting it on track for its fourth consecutive decline. The broader S&P 500 was down 17 points or 1.2 per cent, to 1,315.
The declines were broad, with all 10 subindexes within the S&P 500 moving into negative territory. However, cyclical stocks with greater exposure to the global economy were hit the hardest. Information technology stocks fell 2.1 per cent, industrials fell 1.8 per cent, energy stocks fell 1.3 per cent and financials fell 1.2 per cent.
Defensive stocks also fell, but the declines were far more modest. Telecom services were almost flat, while utilities fell just 0.1 per cent and consumer staples fell 0.5 per cent.
In Canada, the S&P/TSX composite index was down 159 points or 1.2 per cent, to 13,141.
Information technology stocks fell 3.2 per cent, weighed down by Research In Motion Ltd. Commodity producers were also weak, with materials down 1.6 per cent and energy stocks down 1.4 per cent. Financials fell 1 per cent.