Small caps in the red

The Russell 2000 (NYSE:IWM) has sunk deeper into negative territory. At 2:03 p.m. ET, the small-cap index was down 14.89 points, or 2.10%, to 692.53. The Dow Jones Industrial Average had declined 205.59 points, or 1.63%, to 12,376.39.

Small-cap stocks started the day lower and have recently dropped to new session lows as investors become increasingly bearish following news of a disappointing quarterly result from a bellwether company and a decline in consumer confidence.

Fairfield, Conn.-based General Electric Co. (NYSE:GE) reported before the opening that its first-quarter earnings from continuing operations declined 8% and lowered its full-year 2008 earnings guidance. Analysts were not expecting . . .

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