Russell 2000 stumbling

The Russell 2000 (NYSE: IWM) is losing ground despite opening in the green.

At 10:12 a.m. ET, the small-cap index was down 5.25 points, or 0.78%, to 668.56. The Dow Jones Industrial Average (INDU) had lost 4.96 points, or 0.04%, to 12,151.85.

Small-cap stocks opened higher on momentum following Tuesday’s move by the U.S. Federal Reserve to make up to $200 billion in expanded loans to financial institutions in an effort to ease the credit squeeze.

But the bullish mood evaporated in minutes and small caps fell as investors looked for guidance and were unsure which way to go.

One of the biggest losers is Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX). The Tarrytown, N.Y.-based company is seeing its share price halve on news before the opening that late-stage drug clinical trial has failed.

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