Economic Concerns Weigh Down Markets
Investors ignored a drop in initial jobless claims to focus on falling durable goods orders sending the markets tumbling to a sharply lower close with the Dow plunging 145 points to 10,152. Nasdaq plummeted 36 points to 2217.
On the upside
Russia will begin allowing imports of chicken from the United States, lifting shares of Pilgrim's Pride (NYSE: PPC).
Industrial Services of America (Nasdaq: IDSA) forecast second quarter revenue that is more than double last year.
On the downside
Fortress Investment Group (NYSE: FIG) announced that no more quarterly dividends will be paid.
Allied Irish Banks (NYSE: AIB) delayed release of interim 2010 results to August 4, 2010.
Ford (NYSE: F) announced plans to build a $450 million passenger car assembly plant in Thailand despite recent political unrest.
Pfizer (NYSE: PFE) cited adverse reactions for suspending studies of its osteoarthritis treatment tanezumab.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 11 points to 633.
