laced Nasdaq Composite Index was down 19.91 points, or 0.96 percent, at 2,045.49. "Considering the disaster in the biotech sector after the news from Elan and Biogen, the performance of the market can be termed respectable. Most people are in shock from the news. It could be a wake up call to a lot of people who think that the market is without risk," said Elliot Spar, market strategist with Ryan Beck & Co. Meanwhile, Banc of America reduced its ratings on Ford Motor Co. and General Motors to "sell" from "neutral", citing continued market share losses, sending their respective stocks to their lowest intra-day levels in more than a year. Ford fell 3.7 percent to $12.52 and General Motors slipped 4.4 percent to $35.26. U.S. light crude slipped 21 cents to $51.28 a barrel. Rising oil prices raises concerns that higher energy costs will pinch corporate profits and curb consumer spending. --More 2345 Local Time 2045 GMT
