Economic Worries Sink Stocks
Despite a drop in first time jobless claims, the markets closed lower with the Dow dropping 74 points to 9985 over persistent concerns about the economy. Nasdaq tumbled 22 points to 2118.
On the upside
The Wall Street Journal reported that ArcSight (Nasdaq: ARST) was selling itself.
A drop in first time applications for unemployment benefits lifted shares of online employment solutions firm Monster Worldwide (NYSE: MWW).
Signet Jewelers (NYSE: SIG) reported higher second quarter earnings that beat analyst estimates.
On the downside
Shares of Hovnanian Enterprises (NYSE: HOV) dropped over record low new home sales.
Cisco Systems (Nasdaq: CSCO) will acquire ExtendMedia.
JDS Uniphase (Nasdaq: JDSU) swung to a fourth quarter profit but revenue fell short of expectations.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 599.
