Disappointing Bond Auction Weighs Down Markets

The markets closed sharply lower with the Dow tumbling 102 points to 8409 after a Treasury bond auction failed to generate much interest. Nasdaq plunged 42 points to 1716.

On the upside

Eclipsys (Nasdaq: ECLP) reported first quarter results that topped analyst estimates and lifted its full year guidance.

Shares of Genworth Financial (NYSE: GNW) rose ahead of its earnings release after market close.

Prudential Financial (NYSE: PRU) reported better than expected first quarter results.

On the downside

Cell Therapeutics (Nasdaq: HOTT) narrowed first quarter losses but shares of the biopharmaceutical tumbled.

First quarter earnings and revenue fell for Diana Shipping (NYSE: DSX) and the drybulk shipper announced the offering of 6 million common shares at a discount.

Strategic Hotels & Resorts (NYSE: BEE) swung to a loss as revenue dropped.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 12 points to 492.