Just one day after a modest rally to kick off the quarter, stocks took a tumble as the Federal Reserve's policymakers appear less likely to take on further quantitative easing.
On the economic front, the Commerce Department is reporting a 1.3 percent gain in factory orders in February, which missed economists expectations of a 1.5 percent increase.
Among stocks being watched closely today, Apple (NASDAQ:AAPL) soared to new highs after Topeka Capital Markets raised its price target on the stock to $1001, saying that there's still tremendous upside on the stock.
On the other side of the spectrum, struggling Blackberry maker Research in Motion (RIMM) announced today it will offer software to companies that would open up its secure network, for use of iPhones and other mobile gadgets in the workplace.
GM (NYSE:GM) shares are trading lower today after missing expectations for monthly auto sales, despite an 11.8 percent increase.
Meanwhile, rival Ford (NYSE:F) posted a 5 percent gain.
Tomorrow, we'll get a look at the ADP employment report as well as earnings results from Monsanto(NYSE:MON) and Bed, Bath and Beyond(NASDAQ:BBBY).
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