Wednesday's midday: trade Wall Street dips on data

US stocks fell on Wednesday as weak data on US housing and orders for long-lasting manufactured goods underscored the prospect of a sharp economic slowdown. But a rebound off an S&P 500 index technical support level after five days of broad declines helped to buffer losses.
Massey Energy tumbled 4.2 percent to $28.89 and Arch Coal Inc dropped 3.7 percent to $21.59. The Dow Jones industrial average dipped 44.04 points, or 0.44 percent, to 9,996.41. The Standard & Poor's 500 Index dropped 5.52 points, or 0.52 percent, to 1,046.35.
The Nasdaq Composite Index fell 4.23 points, or 0.20 percent, to 2,119.53. The S&P 500 found support at 1,040, a level closely watched by chartists. The benchmark index hit lows in the 1,040 area in February, May and early June, indicating some investors may see a dip below it as a buying opportunity.