BREAKING NEWS: Stocks Rally Off Lows, But Remain Sharply Lower

Stocks have stabilized at sharply lower levels Thursday around midday, with the major averages off 3-4%. The headwinds facing equities were already strong, and they grew stronger with this morning's economic data; the bearish news included a frighteningly low read on mid-Atlantic factory activity, higher prices at the consumer level, a soft weekly jobless claims report and more weakness in the housing market. The Dow is off 385, or 3.4%, the Nasdaq Composite index shed 101, or 4%, to 2410, and the S&P 500 lost 44, or 3.7%, to 1149.

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