Author: Elena Todorova
123jump.com
Last Update: 12:17 PM EST March 20 2006


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U.S. stocks lost ground in late morning with averages turning red as investors locked in profit taking. Crude oil prices slipped about 1.3% falling to $62 a barrel. Consequently, the Energy sector lost 0.7% with oil majors like Exxon Mobil down. Financial and housing stocks were also under selling pressure, following a strong rally last week. Bank of America lost 0.6%, while Wachovia dropped 1.1%. Wal-Mart rose 1.8% on plans for a major expansion in China.