Falling Euro Fuels Fears

The falling euro fueled fears of a stalled economic recovery sending the markets down during the midday with the Dow tumbling 101 points to 10,518. Nasdaq dropped 20 points to 2326.

On the upside

ARCA biopharma (Nasdaq: ABIO) reached an agreement with the Food and Drug Administration over the design of a clinical trial for the company's beta-blocker bucindolol.

Pacific Capital Bancorp (Nasdaq: PCBC) announced a tender offer for all outstanding trust preferred securities and subordinated debt securities.

The European Medicines Agency granted orphan drug status to Aeterna Zentaris' (Nasdaq: AEZS) ovarian cancer treatment AEZS-108.

On the downside

RINO International (Nasdaq: RINO) reported higher first quarter earnings and revenue but the stock price fell.

BPZ Resources (NYSE: BPZ) will provide Petroleos del Peru with 400,000 barrles of oil.

Astrotech (Nasdaq: ASTC) swung to a third quarter loss.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 12 points to 681.