Concerns about Fannie Mae and Freddie Mac's solvency sent the markets tumbling during the midday with the Dow plummeting 233 points to 10,996. Nasdaq skidded 46 points to 2212.

On the upside

Diamond Management & Technology Consultants (Nasdaq: DTPI) released preliminary first quarter results that surpassed expectations.

Rising gold prices lifted shares of Goldcorp (NYSE: GG).

The consortium led by URS (NYSE: URS) was chosen as a preferred bidder for a five year contract to decommission a nuclear power plant in the United Kingdom.

On the downside

While first quarter earnings for Infosys Technologies (Nasdaq: INFY) rose to surpass estimates, the information technology provider forecast disappointing second quarter results.

UAL (Nasdaq: UAUA) warned that it will record accounting charges between $2.6 billion to $2.7 billion in the second quarter.

Shares of FCStone Group (Nasdaq: FCSX) continued to fall after reporting lower third quarter earnings that fell short of estimates.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 663.