Updated from 4:05 p.m. EDTStocks took a beating Thursday, as mixed economic data set the stage for profit-taking after the recent market run-up. The Dow Jones Industrial Average finished down 114.27 points, or 1.3%, at 9179.53. The Nasdaq lost 28.49 points, or 1.7%, to 1648.65, while the S&P 500 shed 15.39 points, or 1.5%, to 994.70. "The short-term weakness was due to slightly stronger numbers, which led people to
Accounting concerns were back after reports that Freddie Mac ( FRE) could restate earnings by up to $3 billion, resulting in a drop in future profit. Shares lost 65 cents, or 1.3%, to $51.35. Morgan Stanley analysts downgraded Schering-Plough ( SGP) to equal weight from overweight on valuation concerns. Shares of the company fell 74 cents, or 3.6%, to $19.73. Also from the pharmaceutical sector, Forest Laboratories ( FRX) shed $7.20, or 11.9%, to $53.41 amid reports that its experimental drug, Memantine, didn't have an effect on patients with mild to moderate Alzheimer's disease. Overseas markets were mixed, with London's FTSE 100 down 1.8% at 4131 and Germany's Xetra DAX down 2.3% at 3228. In Asia, Japan's Nikkei closed 0.2% higher at 9110, while Hong Kong's Hang Seng gained 0.1% to 9980. Crude oil prices for future delivery were lower. The dollar was stronger against the yen and euro. On Wednesday, the Dow finished down 29 points at 9293. The S&P 500 fell 1 point to 1011, while the Nasdaq rose almost 9 points to 1677, a fresh 13-month high.