Rising mortgage rates along with global economic concerns weighed the markets down during the midday with the Dow falling 73 points to 13,050. Nasdaq lost 14 points to 3060.
On the upside
Discover Financial Services (NYSE: DFS) reported sharply higher first quarter earnings as transactions increased while late payments and defaults dropped.
Shares of Smith & Wesson (Nasdaq: SWHC) climbed after rival gun maker Sturm, Ruger & Co. stopped taking new orders citing overwhelming demand.
NEC will pay approximately $449 million to acquire the information management business of Convergys (NYSE: CVG).
On the downside
Rite Aid (NYSE: RAD) will host free skin cancer screenings at stores across the country beginning this week.
The Natural Resources Ministry in Russia is investigating Mechel (NYSE: MTL) for a number of violations at its Yakutugol mines.
Investors locked in profits on Lions Gate Entertainment (NYSE: LGF), whose stock price soared this week in anticipation of the release of "The Hunger Games."
In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 12 points to 817.