AmEx, Honeywell Hurt by Dollar; Stocks Slump in Global Selloff

Stocks were deep in the red in midday trading Friday with Wall Street caught up in a global sell-off after China clamped down on market regulation. A number of key earnings disappointments exacerbated market pessimism. Advanced Micro Devices (AMD) cratered after posting a wider-than-expected quarterly loss. The chip-maker also issued weaker sales guidance for its current quarter as it faces continued weakness in PC demand. Industrial giant Honeywell (HON) was the latest multinational to report a drop in sales due to a stronger U.S. dollar. Amex (AXP) was the worst performer on the S&P 500 after sales declined on currency headwinds.