Surprise drop in durable goods orders sinks stocks

Durable goods orders unexpectedly dropped last month to send the markets tumbling to a sharply lower close with the Dow collapsing 292 points to 17,718. Nasdaq crashed 118 points to 4,876.

On the upside

An article yesterday incorrectly wrote that Hunan Xindaxin offered $60 billion to acquire Origin Agritech (Nasdaq: SEED). Hunan Xindaxin had offered $60 million last year to buy the agricultural biotechnology company.

EXCO Resources (Nasdaq: XCO) will present at the 43rd Annual Scotia Howard Weil Energy Conference tomorrow in New Orleans.

Rising crude oil prices lifted shares of Goodrich Petroleum (NYSE: GDP).

On the downside

Shares of Netlist (Nasdaq: NLST) fell ahead of its earnings release before market open on Friday, March 27.

Investors continued to lock in profits on Cempra (Nasdaq: CEMP).

RBC Capital Markets wrote that Nvidia (Nasdaq: NVDA) shifted some of its chip orders from Taiwan Semiconductor (NYSE: TSM) to Samsung Electronics.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 4 to 1 on Nasdaq. The broader S&P 500 plummeted 30 points to 2061. Bitcoin lost $5 to $243.
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