The markets opened lower as the dollar fell on word that China may invest into euro currency-based holdings. The Dow tumbled more than 100 points to 13,557 while Nasdaq lost 15 points to 2809.
On the upside
Shares of Blue Nile (Nasdaq: NILE) jumped after the online jewelry retailer posted sharply higher profits that beat estimates and raised its full-year profit and revenue targets.
Biotechnology company Onyx Pharmaceuticals (Nasdaq: ONXX) posted a small profit as joint sales of its anti-cancer drug with Bayer more than doubled.
China Finance Online (Nasdaq: JRJC) was upgraded by an analyst at Brean Murray.
On the downside
General Motors (NYSE: GM) posted a $39 billion loss due to a noncash charge related to deferred tax credits as well as mortgage-related losses at its financial services arm. The automaker also reported actual losses from its North American operations.
Washington Mutual (NYSE: WM) warned that it sees more loan losses through 2008.
Shares of Strayer Education (Nasdaq: STRA) sagged as analysts were mixed about prospects at the for-profit education provider.
In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by a margin of 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 8 points to 793.