Spain's Soaring Borrowing Costs Sink Stocks
The markets extended its losses during the midday with the Dow plummeting 107 points to 12,836 as soaring borrowing costs for Spain renewed concerns about the global economy. Nasdaq plunged 32 points to 2933.
On the upside
Cemex (NYSE: CX) narrowed second quarter losses.
Shares of Palo Alto Networks (NYSE: PANW) surged in its market debut.
Kayak (Nasdaq: KYAK) stock soared on its first trading day.
On the downside
Shares of Vivus (Nasdaq: VVUS) extended its losses as investors locked in profits on the biopharmaceutical.
Societe Generale upgraded Nokia (NYSE: NOK) to a Hold rating but the stock price fell as investors locked in profits.
Shares of Banco Santander (NYSE: SAN) fell as Spain's borrowing costs soared.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 8 points to 793.
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