Expanding Debt Concerns Spark Sell-Off, Markets Plunge


Renewed concerns about expanding debt problems in Europe sparked a sharp sell-off in the late afternoon to send the Dow collapsing nearly 1,000 points before rebounding to close down 347 points to 10,520. Nasdaq skidded 82 points to 2319.

On the upside

Commercial Vehicle Group (Nasdaq: CVGI) reversed year ago losses to post a profit for the first quarter.

First quarter earnings for Titanium Metals (NYSE: TIE) slipped but revenue rose.

Polypore International (NYSE: PPO) reported higher first quarter earnings as revenue surged.

On the downside

NCI (Nasdaq: NCIT) reported higher first quarter income but revenue fell short of expectations.

Aviat Networks (Nasdaq: AVNW) disappointed with a third quarter loss as revenue dropped.

Great Atlantic & Pacific Tea Company (NYSE: GAP) widened first quarter losses as revenue fell.

In the broad market, declining issues outpaced advancers by a margin of 10 to 1 on the NYSE and by nearly 9 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks slumped 26 points to 672.

About this Entry

This page contains a single entry by published on May 6, 2010 1:36 PM.

Unemployment Claims Fall Less Than Expected, Markets Tumble was the previous entry in this blog.

Unemployment Rate Rises, Markets Open Lower is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12