The S&P 500 was down 0.7% to 2,029.82 in midday trading.
The Dow Jones Industrial Average was down 0.5% to 17,648.82, and the Nasdaq was down 0.7% to 4,669.53.
The yield on a 10-year Treasury bond declined 2% to 1.93%.
The price of gold rose 1% to $1,228.80.
HOMEBUILDING
Irvine-based Standard Pacific Corp. was up 5.1% to $7.78 and a $2.2 billion market cap on two analyst upgrades this morning. J.P. Morgan Chase & Co. raised its rating on the residential home builder from “underweight” to “neutral,” and Raymond James upgraded shares from “neutral” to “outperform.” Also, Friday the U.S. Federal Housing Administration offered details of its proposed ½ percentage point cut in mortgage insurance premiums, set to take effect January 26.
RETAIL
Anaheim-based Pacific Sunwear of California Inc. was up 9.5% to $3 and a $207.7 million market cap. The company reported positive holiday sales, and analysts at Janney Capital Markets upgraded the stock Thursday from “neutral” to “buy.” Shares of the surf apparel retailer are up nearly 90% since Dec. 1.
