Worries about the global economic recession weighed on the markets. Trading was expected to be light as banks closed for the Veterans' Day holiday. The
Dow tumbled nearly 200 points to 8675 while Nasdaq skidded 35 points to 1582.
On the upside
Large banks announced plans to modify at-risk mortgages in order to keep borrowers in their homes. Shares of Wells Fargo (NYSE: WFC) and JP Morgan Chase (NYSE: JPM) rose.Shares of Optimer Pharmaceuticals (Nasdaq: OPTR) surged after reporting positive late-trial results for its gastrointestinal infection treatment.
On the downside
Focus Media Holdings (Nasdaq: FMCN) posted higher 3rd quarter profits, but warned about a challenging 4th quarter. The Shanghai-based advertising network saw advertising business drop after the Beijing Olympics.
Shares of aluminum producer Alcoa (NYSE: AA) pulled back as prices and output fell due to slumping globa demand.
American Express (NYSE: AXP) received regulatory approval to change its structure to a bank holding company. Investors were unimpressed.
Shares of Google (Nasdaq: GOOG) fell to a new 52-week low after a Goldman Sachs analyst cut the earnings forecast for the search engine giant.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 6 points to 486.
