Markets Close Sharply Lower Over Goldman Sachs Criminal Investigation

The Justice Department launched a criminal investigation into Goldman Sachs sending the markets tumbling to a sharply lower close with the Dow plunging 158 points to 11,008. Nasdaq plummeted 50 points to 2461.

On the upside

First quarter earnings for ResMed (NYSE: RMD) rose to beat expectations on higher revenue.

Dolby (NYSE: DLB) reported higher second quarter earnings that surpassed analyst expectations and lifted its full year guidance.

Ruddick (NYSE: RDK) reported second quarter earnings that rose as revenue increased.

On the downside

Federal Signal (NYSE: FSS) swung to an unexpected loss for the first quarter as sales fell.

First quarter earnings for PHH (NYSE: PHH) rose but revenue dropped.

Intermec (NYSE: IN) disappointed with a loss for the first quarter.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 21 points to 716.