July 15, 2008 at 17:38 PM EDT
Closing Bell Report
Despite a sharp drop in oil prices, the Dow tumbled 93 points to close at 10,963 over Federal Reserve Chairman Ben Bernanke's comments that the economy faces numerous difficulties. Nasdaq added 3 points to 2216.

On the upside

Rumors that South Korean wireless service provider SK Telecom engaged in discussions to acquire Sprint Nextel(NYSE: S) lifted shares of Sprint.

State Street (NYSE: STT) reported higher second quarter earnings that beat estimates as servicing fees rose and interest revenue soared.

CSG Systems International (NYSE: CSGS) extended a contract with Comcast Cable by four years prompting upgrades.

On the downside

Veraz Networks (Nasdaq: VRAZ) blamed a challenging business environment for forecasting second quarter revenue below expectations.

Shares of Bank of America (NYSE: BAC) and Wells Fargo & Co. (NYSE: WFC) fell as investors sold financial services stocks.

Although the state of Alaska rejected Exxon Mobil's (NYSE: XOM) plan to develop the Point Thomson field, Exxon will begin work on the site.


In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 662.

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