Thursday's midday trade: Dow, S&P drop for third day

The Dow and the S&P 500 fell for a third straight day on Thursday on concerns about the global economy's growth outlook after manufacturing data showed a drop in new orders in both the euro zone and China. The market has shown resilience recently, able to rebound off sluggish starts to the session, but Thursday's trading could represent the first significant test of whether the S&P 500 can hold the 1,400 support level.
The Dow Jones industrial average was down 69.51 points, or 0.53 percent, at 13,055.11. The Standard & Poor's 500 Index was down 8.98 points, or 0.64 percent, at 1,393.91. The Nasdaq Composite Index was down 8.93 points, or 0.29 percent, at 3,066.39. FedEx Corp shares fell 4.3 percent to $91.70. The Dow Jones Transportation Average lost 1.8 percent.