Stocks extended their losing streak, as investors realize the economy is not recovering as quickly as previously thought. Friday's disappointing employment report continued to weigh on the averages today with the Dow closing down .2%, and the Nasdaq and S&P losing about half a percent each.
Among the losers was home improvement retailer Lowes (NYSE:LOW). JP Morgan (NYSE:JPM) downgraded the stock this morning on concerns over lower home prices and slow job growth. Lowes dropped 1-1/2% today.
And Impax Labs (NASDAQ:IPXL) lost almost 7-1/2% after that company received a warning letter from the US Food and Drug Administration citing deviations for good manufacturing practice. Impax said it will continue to work with the FDA to address it's concerns.
JP Morgan lost 1-3/4% after the Wall Street Journal reported that commercial banking head Todd Maclin and the head of international operations Heidi Miller are expected to step down from their jobs.
Tomorrow, investors will be watching fir the government's report on consumer credit and earnings from homebuilder Hovnanian (NYSE:HOV).
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