No Fiscal Cliff Deal, Stocks Sink
With no fiscal deal in sight, skittish investors sent the markets tumbling to a sharply lower close with the Dow plummeting 120 points to 13,190. Nasdaq dropped 29 points to 3021.
On the upside
Supervalu (NYSE: SVU) reached an agreement to settle a non-compete suit filed against former executive Leon Bergmann.
Shares of Hovnanian (NYSE: HOV) advanced again after the release of a report earlier this week indicated mnthat home builder sentiment climbed.
Mohawk Industries (NYSE: MHK) will pay approximately $1.5 billion to acquire Marazzi Group.
On the downside
Shares of direct sales company Nu Skin Enterprises (NYSE: NUS) plunged in the wake of pyramid scheme accusations leveled at Herbalife (NYSE: HLF), which also uses a direct sales model. Gardner Denver (NYSE: GDI) ended exclusive negotiations to be bought by SPX (NYSE: SPW).
Investors locked in profits on Suntech Power (NYSE: STP), whose stock price soared recently on China's support for consolidating the solar industry.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 index dropped 13 points to 1430.
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