Russell 2000 in the red

The Russell 2000 (NYSE:IWM) is deep into negative territory as investors parse through the latest earnings and economic news. At 1:21 p.m. ET, the small-cap index had let go 7.18 points, or 1.01%, to 706.21. The Dow Jones Industrial Average was down 17.26 points, or 0.14%, to 12,602.01.

Small-cap stocks fell out of the gate and have been moving lower as major corporations announced disappointing quarterly earnings.

Merrill Lynch & Co., Inc. (NYSE:MER) is partially to blame for the bearish mood on news before the opening that it swung to a steep first-quarter net loss and will have to cut jobs due to more writedowns associated with the subprime mortgage mess.

Shares of Pfizer Inc. (NYSE:PFE) are also falling on news before the start of trading that first-quarter profit declined 18%.

Meanwhile, shares of small-cap Spectrum Pharmaceuticals, Inc. (Nasdaq:SPPI) are posting a healthy gain on news that one of its drugs has . . .

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