Oil Spill Investigation Sends Markets Tumbling
The government launched a civil and criminal investigation into the oil spill in the Gulf of Mexico sending the markets tumbling in late afternoon trading with the Dow plunging 112 points to 10,024. Nasdaq plummeted 34 points to 2222.
On the upside
Shares of environmental emergency response services company Clean Harbors (NYSE: CLH) continued rising after another failed attempt to stop the oil leak in the Gulf of Mexico.
More than 2 million Apple (Nasdaq: AAPL) iPads have been sold over the past two months.
Arrowhead Research (Nasdaq: ARWR) will present data from a phase 1 clinical trial of its cancer treatment CALAA-01 at the 2010 American Society of Clinical Oncology Annual Meeting on June 6, 2010.
On the downside
Savvis (Nasdaq: SVVS) will acquire Fusepoint for approximately $124.5 million.
Shares of Borders (NYSE: BGP) tumbled as Amazon (Nasdaq: AMZN) prepares to launch a thinner version of its Kindle book reader.
Trico Marine Services (Nasdaq: TRMA) named Richard Bachmann to the position of chairman and interim chief executive officer.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 20 points to 640.
