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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
10:50 AM		Increase In Pending Home Sales Lifts Markets To Higher Open An increase in pending home sales lifted the markets to a higher open with the Dow edging up 3 points to 10,272. Nasdaq gained 11 points to 2188.
Wed, Sep 01, 2010
05:53 PM		Markets Surge To Sharply Higher Close As Manufacturing Activity Expands Investors embraced an unexpected gain in the Institute for Supply Management's manufacturing index to send the markets soaring to a sharply higher close with the Dow surging 254 points to 10,269. Nasdaq leaped 62 points to 2176.
02:15 PM		Manufacturing Activity Expands, Markets Soar Manufacturing activity expanded more than expected in August to boost the markets during the midday with the Dow surging 238 points to 10,253. Nasdaq jumped 58 points to 2172.
10:42 AM		Surprise Gain In Manufacturing Activity Lifts Markets To Sharply Higher Open A surprising gain in manufacturing activity lifted the markets to a sharply higher open with the Dow leaping 228 points to 10,242. Nasdaq soared 54 points to 2168.
Tue, Aug 31, 2010
05:28 PM		Flat Close As Fed Minutes Reveal Economy Weaker Than Expected The markets retreated to close flat after the release of Federal Reserve meeting minutes revealed that officials admitted that the economy was weaker than they had expected. The Dow added 4 points to 10,044 while Nasdaq slipped 5 points to 2114.
02:06 PM		Consumer Confidence Rises More Than Expected, Markets Advance The markets traded higher during the midday with the Dow gaining 34 points to 10,044 as consumer confidence climbed more than expected last month. Nasdaq edged up a point to 2122.
10:31 AM		Surprise Gain In Consumer Confidence Lifts Markets To Higher Open A strong gain in consumer confidence lifted that markets to a higher open with the Dow rising 26 points to 10,036. Nasdaq added 3 points to 2123.
Mon, Aug 30, 2010
05:35 PM		Markets Tumble As Personal Incomes Rise Less Than Expected Personal incomes inched up by a smaller than expected 0.2% last month to send the markets tumbling to a lower close with the Dow plunging 140 points to 10,009. Nasdaq plummeted 33 points to 2119.
02:04 PM		Personal Income Rises Less Than Expected, Markets Lower A disappointingly small gain in July personal income weighed the markets down during the midday with the Dow falling 58 points to 10,091. Nasdaq dropped 13 points to 2139.
10:47 AM		Lower Open As Personal Income Disappoints Consumer spending posted a strong 0.4% increase in July but personal income rose by a less than expected 0.2%. The markets opened lower with the Dow losing 50 points to 10,100 while Nasdaq fell 11 points to 2142.
Fri, Aug 27, 2010
05:23 PM		Fed Will Jumpstart Economy, Markets Soar Federal Reserve chairman Ben Bernanke reassured investors that the Fed will take necessary actions to jumpstart the stalled economic recovery. The markets closed sharply higher with the Dow leaping 164 points to 10,150 while Nasdaq surged 34 points to 2153.
02:09 PM		Markets Soar As Economy Expands Investors greeted news that the economy expanded, although at a slower pace, by boosting the markets higher during the midday with the Dow surging 125 points to 10,111. Nasdaq climbed 24 points to 2142.
10:52 AM		Higher Open Even As Economic Growth Slows The nation's economic growth slowed in the second quarter to a pace of 1.6% but the markets opened higher with the Dow rising 21 points to 10,007 as investors welcomed even a modest expansion of the troubled economy. Nasdaq added 3 points to 2122.
Thu, Aug 26, 2010
05:42 PM		Economic Worries Sink Stocks Despite a drop in first time jobless claims, the markets closed lower with the Dow dropping 74 points to 9985 over persistent concerns about the economy. Nasdaq tumbled 22 points to 2118.
02:19 PM		Double Dip Recession Concerns Weigh Down Stocks The markets drifted into negative territory during the midday with the Dow losing 21 points to 10,038 amidst concerns of a double dip recession. Nasdaq slipped 6 points to 2135.
10:52 AM		Jobless Claims Fall, Markets Open Higher A drop in jobless claims lifted the markets to a higher open with the Dow rising 10 points to 10,070. Nasdaq added 4 points to 2145.
Wed, Aug 25, 2010
05:42 PM		Markets Recover To Close Modestly Higher The markets recovered in late afternoon trading to close modestly higher with the Dow rising 19 points to 10,060. Nasdaq gained 17 points to 2141.
01:53 PM		Record Low New Home Sales, Markets Fall Record low new home sales weighed down the markets during the midday with the Dow losing 46 points to 9994. Nasdaq slipped 5 points to 2118.
10:50 AM		New Home Sales Drop To Record Low, Markets Open Lower The markets opened lower with the Dow falling 50 points to 9989 as new home sales dropped to a record low. Nasdaq lost 10 points to 2113.
Tue, Aug 24, 2010
05:36 PM		Unexpectedly Sharp Drop In Existing Home Sales Sends Markets Tumbling An unexpectedly sharp drop in existing home sales sent the market tumbling to a lower close with the Dow plummeting 133 points to 10,040. Nasdaq plunged 35 points to 2123.
02:05 PM		Plunge In Existing Home Sales Sends Markets Tumbling Existing home sales plunged more than expected to weigh down the markets during the midday with the Dow tumbling 102 points to 10,072. Nasdaq dropped 26 points to 2132.
10:47 AM		Existing Home Sales Plunge, Markets Open Lower A sharp drop in existing home sales to a 15-year low sent the markets tumbling to a lower open with the Dow plummeting 121 points to 10,053. Nasdaq plunged 32 points to 2126.
Mon, Aug 23, 2010
05:41 PM		Fears Of Further Job Cuts Weigh Down Markets Merger and acquistion activity fueled fears of further job cuts to weigh the markets down to a lower close with the Dow losing 39 points to 10,174. Nasdaq tumbled 20 points to 2159.
01:47 PM		Economic Recovery Concerns Weigh Down Markets Renewed concerns about the stalled economic recovery weighed the markets down during the midday with the Dow slipping 5 points to 10,208. Nasdaq lost 10 points to 2169.
10:47 AM		Modestly Higher Open Over Merger And Acquisition Activity Merger and acquisition activity lifted the markets to a modestly higher open with the Dow rising 40 points to 10,253. Nasdaq added 2 points to 2182.
Fri, Aug 20, 2010
05:36 PM		Lower Close Over Concerns Of Stalled Economic Recovery Investors concerned about a stalled global economic recovery sent the markets down to a lower close with the Dow falling 57 points to 10,213. Nasdaq edged up a fraction to 2179.
02:16 PM		Global Economic Recovery Concerns Sink Stocks Global economic recovery concerns sank stocks during the midday with the Dow dropping 89 points to 10,181. Nasdaq lost 9 points to 2169.
10:47 AM		Markets Open Lower As International Markets Fall A drop in international markets weighed domestic markets down to a lower open with the Dow tumbling 83 points to 10,187. Nasdaq fell 8 points to 2170.
Thu, Aug 19, 2010
05:39 PM		Sharply Lower Close As Jobless Claims Unexpectedly Rise An unexpected increase in first time jobless claims sent the markets tumbling to a sharply lower close with the Dow plunging 144 points to 10,271. Nasdaq plummeted 36 points to 2178.
02:15 PM		Markets Extend Losses Over Surge In Jobless Claims The markets extended its losses during the midday with the Dow plummeting 172 points to 10,243 as initial applications for unemployment benefits climbed to its highest level in nine months. Nasdaq plunged 40 points to 2175.
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