Wednesday's early afternoon trade: Wall Street slides

Wall Street fell on Wednesday as troubling signs from US corporations and falling demand for long-lasting manufactured goods discouraged investors already nervous about faltering debt talks in Washington. A profit warning from Juniper Networks, which sent its shares down 20 percent, and moderating order growth at Emerson Electric Co compounded investors' concerns about corporate strength after some high profile earnings misses.
Emerson's shares fell nearly 7 percent. The S&P 500 has lost more than 2 percent this week as acrimonious debate about raising the US debt ceiling has left investors fretting over a US debt default or a possible credit downgrade later in the year. The Dow Jones industrial average dropped 109.63 points, or 0.88 percent, to 12,391.67. The Standard & Poor's 500 Index fell 16.43 points, or 1.23 percent, to 1,315.51. The Nasdaq Composite Index lost 49.12 points, or 1.73 percent, to 2,790.84.