Afternoon Markets: S&P slides over 1% on poor economic data

US stock markets opened sharply lower in early trading following negative consumer and house price data.

The Dow Jones was down 83.74 points (0.81%) to 10,299, while the S&P 500 shed 12.56 points (1.13%) to 1,095.

Investors were reacting to heavier than expected fall in the consumer confidence index - while house prices were also negative, plunging 2.5% during the final quarter of 2009.

In London, the FTSE 100 fell in line with US losses, down 41.97 points (0.78%) to 5,310 by 4pm.

Wolseley continued to lead risers, up 10.84% to £16.06. However, commodity-related stocks weighed on the market, with mining and energy shares among the biggest fallers - including Eurasian Natural Resources, Xstrata and Cairn Energy.