Markets Tumble As Stimulus Hopes Fade
Disappointment that neither the Federal Reserve nor the European Central Bank will provide further stimulus measures sent the markets tumbling to a sharply lower close with the Dow dropping 92 points to 12,878. Nasdaq lost 10 points to 2909.
On the upside
Ocwen Financial (NYSE: OCN) reported higher second quarter earnings as revenue surged to beat analyst expectations.
Second quarter earnings fell for United Online (Nasdaq: UNTD) but the results beat analyst expectations and the company announced plans to separate into two publicly traded companies.
OfficeMax (NYSE: OMX) reversed year ago losses to post a better than expected profit for the second quarter.
On the downside
Incyte (Nasdaq: INCY) swung to a profit for the second quarter but the biopharmaceutical changed its revenue recognition model.
Standard & Poor's downgraded the long and short term ratings for ArcelorMittal (NYSE: MT).
Monster Worldwide (NYSE: MWW) reported lower second quarter earnings and forecast lower third quarter results.
In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 768.
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