Rising Unemployment Sends Markets Tumbling

January 22, 2010 1:24 PM |
As the December unemployment rate climbed in 43 states, nervous investors sent the markets tumbling to a sharply lower close with the Dow plummeting 216 points to 10,172. Nasdaq plunged 60 points to 2205. 

 

On the upside

GenVec (Nasdaq: GNVC) reported that its advanced esophageal cancer treatment TNFerade increased median survival time when used in combination with chemoradiation.

Poniard Pharmaceuticals (Nasdaq: PARD) will release more data on Monday from a Phase 2 clinical trial of its colorectal cancer treatment picoplatin.

The Food and Drug Administration approved Acorda Therapeutics' (Nasdaq: ACOR) multiple sclerosis treatment that will help patients walk.

On the downside

Citigroup analyst Timothy Arcuri downgraded Entegris (Nasdaq: ENTG) to a Sell rating.

China Yida Holding (Nasdaq: CNYD) will raise approximately $29 million through a registered direct offering of common stock.

PremierWest Bancorp (Nasdaq: PRWT) widened fourth quarter losses.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 617.

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This page contains a single entry by published on January 22, 2010 1:24 PM.

Markets Extend Losses Over Further Banking Regulations was the previous entry in this blog.

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