Dow sees biggest drop in seven months and falls below 12,000. European stocks drop to lowest level of the year.
US stocks tumbled at midday after reports about a trade deficit in China and weak jobless claims in the US.
Former Arkansas Gov. Mike Huckabee says he is 'seriously contemplating' another run for the White House in 2012. But he allows that he 'would be smart to wait' until the competition develops.