The nation's unemployment rate rose to 8.2% in May to send the markets tumbling to a sharply lower open with the Dow slumping 204 points to 12,189. Nasdaq plummeted 55 points to 2771.

On the upside

Rising gold prices lifted shares of Barrick Gold (ABX), Kinross Gold (KGC) and Yamana Gold (AUY).

First quarter earnings slipped for SAIC (SAI) but the results topped analyst expectations.

Shares of Microvision (MVIS) continued rising after announcing the receipt of $4 million in purchase orders from Pioneer yesterday.

On the downside

OmniVision (OVTI) disappointed with sharply lower fourth quarter earnings that missed expectations as revenue fell.

Vera Bradley (VRA) reported higher first quarter earnings and revenue but the women's accessories designer forecast current quarter results below analyst estimates.

The lock-up period for Groupon (NYSE: GRPN) insiders expired today.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 14 points to 746.