Russell 2000 stumbling
The Russell 2000 (NYSE:IWM) has reversed and shed its morning gains. At 1:08 p.m. ET, the small-cap index had dropped 3.69 points, or 0.54%, to 678.24. The Dow Jones Industrial Average (INDU) was off 72.54 points, or 0.59%, to 12,320.12.
Small caps lost ground and slipped into the red at about 12 p.m. ET as the morning’s bullish sentiment evaporated. There’s no readily apparent reason for the reversal.
Stocks opened in the green on news that Morgan Stanley (NYSE:MS) saw a decline in fiscal first-quarter profit but still beat expectations. That’s good news for investors worried that the pain that from Bear Stearns (NYSE:BSC) could spread to other investment banks.
Meanwhile, shares of credit card company Visa Inc. (NYSE:V) debuted today with a rise of over 30%.
Shares of gold and silver companies are currently the worst-performing sector. That includes small-cap Endeavour Silver Corp. (AMEX:EXK), which announced after the start of trading that its CFO will step down on March 31.
Spokane, Wash.-based Mines Management Inc. (AMEX:MGN) is also seeing its stock price decline.
Elsewhere, shares of US Gold Corp. (AMEX:UXG) have lost their shine, down more than 10% on news that the price of gold has declined to a three-week low.
