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Markets Retreat As Financial Stocks Drop

Published: 11/02/09 01:01 PM EST

The markets retreated during the midday with the Dow falling 15 points to 9696 as financial stocks dropped. Nasdaq tumbled 18 points to 2026.

On the upside

Amylin Pharmaceuticals (AMLN) entered a partnership with Takeda Pharmaceutical to develop weight loss treatments.

Vertex (VRTX) reported that its hepatitis C treatment was nearly as effective given twice a day as three times a day.

Encore Acquisition (EAC) and Denbury Resources (DNR) announced merger plans.

On the downside

YRC Worldwide (YRCW) announced a debt exchange offer.

The Food and Drug Administration denied approval for GTx's (GTXI) fracture reducing drug for prostate cancer patients.

Q-Cells terminated its supply contract with LDK Solar (LDK).

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 3 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 6 points to 569.

Today
03:54 PM		Modestly Lower Close As Earnings Disappoint Investors sold off to send the markets down to a modestly lower close with the Dow losing 14 points to 10,318 over disappointing corporate earnings. Nasdaq fell 10 points to 2146.
12:20 PM		Markets Down As Earnings Disappoint Disappointing earnings news weighed down the markets during the midday with the Dow falling 43 points to 10,289. Nasdaq lost 16 points to 2140.
08:45 AM		Stocks Open Lower as Tech Sector Retreats Investors continued to cash in on recent gains as technology companies lowered their outlook. The Dow lost 15 points to 10,317 while Nasdaq dropped a steeper 16 points to 2140
Thu, Nov 19, 2009
03:41 PM		Record Mortgage Delinquencies Send Markets Tumbling Disappointing earnings and record mortgage delinquencies weighed on investors who sold off to send the markets down to a lower close with the Dow tumbling 93 points to 10,332. Nasdaq plunged 36 points to 2156.
12:11 PM		Record Number Of Mortgage Delinquencies, Markets Tumble A record number of mortgage delinquencies sent the markets tumbling during the midday with the Dow plunging 131 points to 10,294. Nasdaq plummeted 41 points to 2151.
08:40 AM		Stocks Open Lower on Stronger Dollar Investors continued to cash in on recent gains as the dollar gained strength in overnight trading. 1st time unemployment claims for last week stayed unchanged at 505,000 as job growth remained elusive. The Dow fell 82 points to 10,343 while Nasdaq lost 24 points to 2168.
Wed, Nov 18, 2009
04:15 PM		Drop In Home Construction Weighs Down Markets A sharp drop in home construction weighed down the markets to a modestly lower close with the Dow slipping 11 points to 10,426. Nasdaq lost 10 points to 2193.
12:13 PM		Markets Down Over Unexpected Drop In Home Construction An unexpected drop in home construction activity weighed down the markets during the midday with the Dow falling 58 points to 10,378. Nasdaq dropped 19 points to 2184.
08:50 AM		Stocks Open Lower on Housing Starts Decline Investors cashed in on recent gains after October housing starts fell to their lowest level in six months. The software sector was particularly weak due to lower guidance. The Dow gave up 43 points to 10,393 while Nasdaq tumbled 18 points to 2185.
Tue, Nov 17, 2009
03:39 PM		Upbeat Prospects Lift Markets To Modestly Higher Close Investors lifted the markets to a modestly higher close with the Dow rising 30 points to 10,437 after analysts provided upbeat prospects for Microsoft and Exxon Mobil. Nasdaq gained 5 points to 2203.
12:44 PM		Markets Flat Over Disappointing Earnings The markets traded near the flatline during the midday with the Dow adding 6 points to 10,413 over disappointing earnings. Nasdaq eased a point to 2196.
08:45 AM		Stocks Opened Lower on Mixed Economic News Investors took a breather from yesterday's rally to mull over the latest batch of economic data and corporate earnings reports while remaining concerned about consumer spending and job creation. The Dow slipped 2 points to 10,404 while Nasdaq gave up a point to 2196.
Mon, Nov 16, 2009
03:48 PM		Bernanke's Comments Spark Rally Comments by Federal Reserve Chairman Ben Bernanke that interest rates will likely remain low sparked a rally to send the markets soaring to a sharply higher close with the Dow leaping 136 points to 10,406. Nasdaq surged 29 points to 2197.
12:39 PM		Better Than Expected Retail Sales Lifts Markets Better than expected October retail sales sent the markets soaring during the midday with the Dow jumping 134 points to 10,405. Nasdaq surged 30 points to 2198.
09:00 AM		Stocks Open Higher on Positive Retail Sales Report October retail sales received a strong boost from auto sales and stimulus programs. The Dow surged 87 points to 10,357 while Nasdaq leaped 25 points to 2193.
Fri, Nov 13, 2009
03:52 PM		Higher Close Over Upbeat Earnings Despite a drop in consumer confidence, the markets closed higher with the Dow rising 73 points to 10,270 over upbeat earnings. Nasdaq gained 18 points to 2167.
12:44 PM		Upbeat Earnings Lift Markets Investors focused on upbeat earnings to lift the markets higher during the midday with the Dow gaining 84 points to 10,281. Nasdaq climbed 19 points to 2168.
08:50 AM		Stocks Open Higher as Investors Mull U.S. Trade Deficit Increase The U.S. trade deficit widened to $36.5 billion due to a large increase in imports that outpaced export growth, according to the Commerce Department. Investors also focused on corporate earnings which helped to lift the Dow up 26 points to 10,224 while Nasdaq added 7 points to 2155.
Thu, Nov 12, 2009
03:40 PM		Record Federal Deficit Weighs Down Markets A record federal deficit in October weighed down the markets to a lower close with the Dow tumbling 93 points to 10,197. Nasdaq dropped 17 points to 2149.
11:56 AM		Same Store Sales Drop For Wal-Mart, Markets Slip The markets slipped during the midday with the Dow falling 47 points to 10,244 after Wal-Mart reported a drop in same store sales. Nasdaq lost 5 points to 2161.
08:50 AM		Stocks Open Mixed on Improving Job Outlook 1st time unemployment claims for the last week were expected to fall as the economy slowly recovered. Meanwhile, investors were focused on Hewlett-Packard's bid for 3Com. The Dow lost 6 points to 10,284 while Nasdaq edged up 3 points to 2170.
Wed, Nov 11, 2009
03:41 PM		Dollar Extends Slide, Markets Up The dollar extended its slide to lift the markets to a modestly higher close with the Dow gaining 44 points to 10,291. Nasdaq rose 15 points to 2166.
11:58 AM		Markets Up With Interest Rates Poised To Remain Low The markets traded modestly higher during the midday with the Dow gaining 41 points to 10,288 over indications that the Federal Reserve will continue to hold down interest rates. Nasdaq rose 13 points to 2164.
09:00 AM		Stocks Open Higher on Strength of Global Economic Recovery Encouraged by economic growth and stimulus in China and Japan, investors continued to buy stocks across the board. The Dow rose 78 points to 10,325 while Nasdaq surged 24 points to 2175.
Tue, Nov 10, 2009
03:59 PM		Mixed Close As Oil Retreats It was a mixed close for the markets with the Dow rising 20 points to 10,246 as oil prices retreated while home prices continued to fall. Nasdaq slipped 2 points to 2151.
12:43 PM		Falling Home Prices Weigh Down Markets Falling home prices weighed down the markets during the midday with the Dow losing 17 points to 10,209. Nasdaq fell 10 points to 2143.
08:50 AM		Stocks Open Mixed as Dollar Stabilizes The dollar rose against other major currencies to curb the appetite of foreign investors buying into the U.S. stock market. Oil prices hovered right below the $80 a barrel mark as Ida made landfall as a tropical storm. The Dow rose 13 points to 10,240 while Nasdaq added 3 points to 2157.
Mon, Nov 09, 2009
03:37 PM		Markets Rally Over Continued Economic Aid The markets rallied to close sharply higher with the Dow leaping 203 points to 10,226 as investors embraced news that the Group of 20 will continue to aid the world economy. Nasdaq surged 41 points to 2154.
12:24 PM		Falling Dollar Lifts Markets The markets continued to advance during the midday with the Dow soaring 152 points to 10,176 as the dollar fell further. Nasdaq jumped 31 points to 2144.
08:50 AM		Stocks Open Higher on Global Economic Recovery Hopes World economic leaders agreed to keep economic stimulus in place. Meanwhile, oil prices edged higher to $78 as Hurricane Ida continued to threaten oil operations in the Gulf of Mexico. The Dow rose 77 points to 10,100 while Nasdaq surged 25 points to 2138.
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