Profit takers sent the markets down to a sharply lower close with the Dow plummeting 171 points to 12,207. Nasdaq plunged 35 points to 2326.
On the upside
Shares of IPC The Hospitalist (Nasdaq: IPCM) surged in its market debut.
Fourth quarter earnings for PerkinElmer (NYSE: PKI) rose to beat expectations and the company forecast first quarter results above estimates.
China Finance Online (Nasdaq: JRJC) will work with China Telecom to develop a financial channel on China Telecom's website.
On the downside
Triumph Group (NYSE: TGI) reported higher third quarter earnings but investors were unimpressed.
Bear Stearns downgraded City National (NYSE: CYN) after the bank reported lower fourth quarter results that fell short of expectations due to $20 million that was set aside to cover bad loans.
An appeals court found that Chicago Bridge and Iron (NYSE: CBI) acted illegally when it acquired assets from Pitt-Des Moines.
In the broad market, declining issues outpaced advancers by a margin of 4 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 689.