Midday Report: Fossil Slumps on Outlook; Fed Talk Drags on Stocks

Stocks tumbled again in midday trading Friday, on track to snap a six-week winning streak on Wall Street, as debate over whether the Fed will raise rates in December continued. Cleveland Federal Reserve President Loretta Mester said on Friday that an extended period of rates at zero was a threat to financial stability and that the time to hike was quickly approaching. Accessories retailer Fossil (FOSL) tumbled after projecting current-quarter sales to decline by as much as 16% due to a strong U.S. dollar and restructuring costs. Positivity among consumers continued to outpace expectations with a monthly read on sentiment reaching its highest level since July. Confidence rose on the back of a stronger forecast for the U.S. economy.