Dutch Prime Minister Mark Rutte resigned after austerity negotiations collapsed. The markets skidded during the midday with the Dow plummeting 138 points to 12,890 while Nasdaq plunged 35 points to 2964.
On the upside
Keryx Biopharmaceuticals (Nasdaq: KERX) reported positive results from a late stage clinical trial in Japan of its kidney disease treatment Zerenex.
Bargain hunters lifted shares of Chesapeake Energy (NYSE: CHK), whose stock price fell last week over disclosure that chief executive Aubrey McClendon took loans of up to $1.1 billion against his interest in wells received as compensation.
First quarter earnings soared for SunTrust Banks (NYSE: STI) as the bank wrote more mortgage and commercial loans.
On the downside
STMicroelectronics' (NYSE: STM) and Ericsson's (Nasdaq: ERIC) joint venture ST-Ericsson will eliminate 1,700 jobs and announced a new strategic direction.
MGIC Investment (NYSE: MTG) reported a loss for the first quarter.
Nabi Biopharmaceuticals (Nasdaq: NABI) will merge with Australian company Biota Holdings.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by more than 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 13 points to 790.