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Spanish Bank Concerns Send Markets Tumbling

Published: 05/09/12 05:47 PM EDT

The markets closed lower with the Dow plunging 97 points to 12,835 over concerns that Spain may have to infuse its banks with capital. Nasdaq dropped 11 points to 2934.

On the upside

Bloomberg reported that MetroPCS (PCS) may merge with T-Mobile while rumors that Leap Wireless (LEAP) may be acquired lifted shares of the rival pre-paid wireless carrier.

Speculation that Avon (AVP) may receive another acquisition offer from Coty lifted shares of the beauty products company.

Credit Suisse initiated coverage of Phillips 66 (PSX) with an Outperform rating and a price target of $42.

On the downside

Kronos Worldwide (KRO) reported sharply higher first quarter earnings that beat analyst expectations but the company warned that raw materials expenses are expected to soar.

First quarter earnings slipped for FTI Consulting (FCN) to fall far short of analyst estimates.

Shares of Amedisys (AMED) continued falling after reporting sharply lower first quarter earnings yesterday.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 788.

Mon, May 20, 2013
06:07 PM		Investors Lock In Profits After setting new records last week, the markets closed modestly lower with the Dow losing 19 points to 15,335 on profit taking. Nasdaq slipped 2 points to 3496.
03:00 PM		Profit Taking Weighs Down Markets The markets traded lower during the midday with the Dow slipping 12 points to 15,341 as investors locked in profits from last week. Nasdaq lost 6 points to 3492.
10:42 AM		Mixed Open After Records Last Week The markets opened mixed with the Dow slipping 11 points to 15,342 while Nasdaq added 3 points to 3501 as investors took a breather after another record close last week.
Fri, May 17, 2013
06:22 PM		Records For Fourth Consecutive Week Records were set for the fourth week in a row with the Dow leaping 121 points to 15,354 as consumer sentiment climbed to six year high. Nasdaq soared 33 points to 3498.
03:02 PM		Markets Rise As Consumer Sentiment Climbs A gain in consumer sentiment lifted the markets during the midday with the Dow rising 54 points to 15,287. Nasdaq gained 16 points to 3481.
10:42 AM		High Open As Consumer Sentiment Climbs May consumer sentiment climbed to a six year high to lift the markets to a higher open with the Dow gaining 57 points to 15,290. Nasdaq rose 18 points to 3484.
Thu, May 16, 2013
06:29 PM		Economic Data Weighs Down Markets An increase in jobless claims along with a sharp drop in April housing starts weighed the markets down to a lower close with the Dow falling 42 points to 15,233. Nasdaq lost 6 points to 3465.
02:20 PM		Markets Rise On Upbeat Earnings Upbeat earnings lifted the market during the midday with the Dow rising 7 points to 15,283. Nasdaq rose 6 points to 3477.
10:42 AM		Mixed Open As Jobless Claims Rise The markets opened mixed with the Dow slipping 22 points to 15,253 while Nasdaq added 2 points to 3474. First time applications for unemployment benefits rose after falling to five year low last week.
Wed, May 15, 2013
06:43 PM		Record Dow Close Again Another record was set today with the Dow climbing 60 points to close at a new high of 15,275 over a gain in homebuilder confidence. Nasdaq gained 9 points to 3471.
01:23 PM		Rise In Homebuilder Confidence Lifts Markets The markets advanced during the midday with the Dow gaining 66 points to 15,281 as homebuilder confidence climbed in May. Nasdaq rose 8 points to 3471.
11:30 AM		Lower Open As Factory Output Drops An unexpected drop in factory output and industrial production weighed the markets down to a lower open with the Dow losing 13 points to 15,201. Nasdaq eased 2 points to 3460.
Tue, May 14, 2013
06:27 PM		Another Dow Record As Investor Confidence Grows It was another record close for the Dow with the blue chip index leaping 123 points to 15,215 as investor confidence gained momentum. Nasdaq climbed 23 points to 3462.
01:03 PM		Investor Optimism Lifts Markets The markets advanced during the midday with the Dow climbing 78 points to 15,170 on investor optimism. Nasdaq gained 26 points to 3465.
10:42 AM		Higher Open On Lower Import Prices The markets opened higher with the Dow gaining 44 points to 15,136 as import prices fell 0.5% in April. Nasdaq climbed 16 points to 3455.
Mon, May 13, 2013
06:07 PM		Mixed Close Over Stimulus Concerns The markets closed mixed with the Dow losing 26 points to 15,091 despite an unexpected gain in April retail sales as investors worried that the Federal Reserve will soon end its economic stimulus measures. Nasdaq added 2 points to 3438.
01:34 PM		Markets Mixed As Retail Sales Rise The markets traded mixed during the midday with the Dow slipping 20 points to 15,097 while Nasdaq rose 8 points to 3445 as an unexpected 0.1% gain in April retail sales tempered concerns over the possible end to the Federal Reserve's stimulus measures.
10:43 AM		Stimulus May End, Markets Open Lower The markets opened lower with the Dow losing 39 points to 15,079 over a report that the Federal Reserve's stimulus measures may soon end. Nasdaq eased a point to 3434.
Fri, May 10, 2013
06:31 PM		Another Winning Week The markets continued its winning week with the Dow gaining 35 points to close at a record 15,118 over upbeat earnings. Nasdaq climbed 27 points to 3436.
02:06 PM		Mixed Markets As Investors Monitor Global Developments After a record week, the markets traded mixed during the midday with the Dow losing 20 points to 15,061 as investors monitored global developments. Nasdaq gained 13 points to 3422.
11:33 AM		Mixed Open After Record Week The markets opened mixed with the Dow slipping 10 points to 15,071 while Nasdaq rose 10 points to 3419.
Thu, May 09, 2013
06:01 PM		Markets Retreat From Record Highs The markets retreated to close lower with the Dow losing 22 points to 15,082 despite a drop in jobless claims to a five year low. Nasdaq slipped 4 points to 3409.
03:13 PM		Markets Rise As Jobless Claims Drop The markets advanced during the midday with the Dow rising 18 points to 15,123 as investors welcomed a drop in first time applications for unemployment benefits. Nasdaq gained 9 points to 3423.
10:42 AM		Markets Retreat After Yesterday's Record Close Jobless claims unexpectedly dropped to a five year low but the markets opened lower with the Dow losing 25 points to 15,079 after a record close yesterday. Nasdaq slipped 6 points to 3407.
Wed, May 08, 2013
06:08 PM		Upbeat Earnings Boost Markets To Another Record Upbeat earnings boosted the markets further into record territory with the Dow gaining 48 points to 15,105. Nasdaq climbed 16 points to 3413.
01:46 PM		Dow Advances Further Into Record Territory The markets advanced further into record territory during the midday with the Dow rising 10 points to 15,066 on upbeat earnings. Nasdaq gained 12 points to 3409.
10:42 AM		Mixed Open After Record Close Yesterday The markets opened mixed with the Dow slipping 10 points to 15,045 while Nasdaq rose 6 points to 3403 as investors paused after a record close yesterday.
Tue, May 07, 2013
06:21 PM		Record Day For Dow, S&P 500 The Dow closed above the 15,000 mark for the first time by climbing 87 points to 15,056. Nasdaq rose 3 points to 3396.
01:35 PM		Dow Tops 15,000 The Dow broke the 15,000 mark again by gaining 49 points to 15,018 during the midday. Nasdaq eased 2 points to 3390.
10:43 AM		Mixed Open As Investors Monitor Earnings The markets opened mixed with the Dow rising 30 points to 14,999 while Nasdaq slipped 3 points to 3389 as investors monitored earnings news.
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