A sinking dollar sent the markets tumbling during the midday with the Dow plunging 133 points to 13,528. Nasdaq dropped 27 points to 2798.
On the upside
PeopleSupport (Nasdaq: PSPT) reported sharply higher third quarter earnings on growth from both established clients as well as newer clients.
An increase in trading volume lifted first quarter earnings for Broadridge Financial Solutions (NYSE: BR) to beat expectations prompting the company to lift its full year forecast.
Total SA (NYSE: TOT) posted higher third quarter income due to record oil prices.
On the downside
Jefferies & Co. downgraded Veraz Networks (Nasdaq: VRAZ) after the IP softswitch and media gateway solutions provider reported third quarter results below expectations.
Proctor & Gamble (Nasdaq: NSTK) ended its partnership with Nastech Pharmaceutical to develop and market the osteoporosis nasal spray treatment teriparatide.
MasTec (NYSE: MTZ) blamed a significant litigation charge for widening third quarter losses and forecast fourth quarter results below estimates.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by a margin of 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 13 points to 789.