Mid-Day Market Update: August 13, 2012

Financial News Network
August 14, 2012 AT 12:41 PM
This is your Mid-day Market Update for August 13. Stocks falling into the red Monday with investors finding no reason to bid shares higher on a lack of U.S. economic data.The big reason for the dip in stocks can be blamed on Japan. Wall Street looking overseas today to gauge growth in the global markets. Japan's gross domestic product expanded just 0.3% in the April-June period, half of what was being expected. Stocks fell on this negative outlook even after the gains this past week over hopes of European stimulus. Oil and Gold trading down so far today Oil is down just under $93 a barrel but has gained since July, when the price was at $78 a barrel. Gold is down just $1 on the day to $1,622 an ounce.A big winner so far in today's session is Tesoro. Its stock is up over 9% due to a spike in oil prices over the past month. One of the biggest losers is Harbinger Group. Its shares are down over 8% after the recent purchase of one million shares of Spectrum Brands.Currently, the Dow is down over 90 points to 13,117. The S&P is lower by over 7 points and the Nasdaq is has lost over 15 points so far today.For more market updates and analysis of the business world follow us on twitter @FNNOnline or check out our website at