Global Economic Recovery May Be In Jeopardy, Markets Plunge
China reported an unexpected trade deficit in February sparking concerns that the global economic recovery was in jeopardy. The markets tumbled during the midday with the Dow plummeting 150 points to 12,062 while Nasdaq stumbled 35 points to 2716.
On the upside
H&R Block (NYSE: HRB) reported a 6% increase in tax preparations through the end of February.
The Men's Wearhouse (NYSE: MW) narrowed fourth quarter losses and forecast 2011 results ahead of estimates.
Fourth quarter earnings dropped for Spectrum Pharmaceuticals (Nasdaq: SPPI) but the results surpassed analyst expectations.
On the downside
E-Commerce China Dangdang (NYSE: DANG) reported lower fourth quarter earnings yesterday.
Magnum Hunter Resources (NYSE: MHR) announced yesterday the public offering of preferred stock.A drop in silver prices weighed down shares of First Majestic Silver (NYSE: AG).In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks sank 18 points to 802.
