The euro fell again to drag down the markets with the Dow slumping 312 points to 10,132. Nasdaq plummeted 88 points to 2209.
On the upside
China Techfaith Wireless Communication Technology (Nasdaq: CNTF) reported sharply higher first quarter earnings as revenue surged.
First quarter earnings for Children's Place (Nasdaq: PLCE) rose to beat expectations as revenue climbed prompting the children's clothing retailer to lift its full year outlook.
On the downside
Wabash National (NYSE: WNC) announced plans to offer 11 million common shares.
A sharp drop in mortgage applications weighed down shares of mortgage insurer Ambac Financial (NYSE: ABK).
New York & Co. (NYSE: NWY) reported a first quarter loss and warned that second quarter losses will widen.
Strategic Hotels & Resorts (NYSE: BEE) closed its offering of 75.9 million common shares.
In the broad market, declining issues outpaced advancers by a margin of more than 11 to 1 on the NYSE and by 13 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks sank 27 points to 646.
