Markets Tumble Over Bernanke's Comments
Federal Reserve Chairman Ben Bernanke's comments that the economy remains fragile and unusually uncertain sent the markets tumbling to a sharply lower close with the Dow plunging 109 points to 10,120. Nasdaq plummeted 35 points to 2187.
On the upside
Second quarter earnings for Eaton (NYSE: ETN) soared to beat expectations by a wide margin as international sales climbed.
Ethan Allen (NYSE: ETH) announced that it expects to post a profit for the fourth quarter.
CNH Global (NYSE: CNH) swung to a second quarter profit as sales rebounded.
On the downside
Dearborn Bancorp (Nasdaq: DEAR) widened second quarter losses.
Fulton Financial (Nasdaq: FULT) reported higher second quarter earnings but the results missed estimates.
Genco Shipping (NYSE: GNK) will raise funds to purchase 18 drybulk vessels through an offering of $100 million in senior convertible notes and the sale of 2.8 million common shares.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 612.
