US stocks hung out to dry

US STOCKS were hung out to dry yesterday afternoon following yet another weak economic report and some negative brokerage comments about high-profile issues Intel and Citigroup.

About 1.25pm, the Dow Jones industrials average lost 247.33, or nearly 3%, to 8,416.17. The Nasdaq composite lost 40.03, or 3%, to 1,274.82. The Standard & Poor's 500 index dropped 27.42 to 888.65.

A weaker-than-expected Institute for Supply Management report on manufacturing added to the morning gloom.