Markets Close Lower Over Banking Concerns

Despite an unexpected surge in consumer confidence, the markets closed lower with the Dow slipping 8 points to 8016 over concerns that banks must raise additional funds.  Nasdaq lost 5 points to 1673.

On the upside

Jefferies & Co. upgraded Quicksilver Resources (NYSE: KWK).

First quarter earnings for Under Armour (NYSE: UA) rose to top estimates after the successful launch of the company's new running shoe.

Meritage Homes (NYSE: MTH) narrowed first quarter losses.

On the downside

Although second quarter earnings rose for Jacobs Engineering (NYSE: JEC), revenue fell short of estimates and the company lowered its full year outlook.

Fresh Del Monte Produce (NYSE: FDP) blamed bad weather and the stronger dollar for first quarter earnings that dropped to miss expectations.

Level 3 Communications (NYSE: LVLT) narrowed first quarter losses but revenue fell short of expectations.

In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while advancers outpaced decliners by nearly 7 to 5 on Nasdaq.  The Russell 2000 which tracks small cap added 3 points to 472.