Dutch Prime Minister Resigns, Markets Plunge
Posted on April 23, 2012 at 15:05 PM EDT
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
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.
Chesapeake Energy Corp. Dow Jones Industrial Average Dow Jones Industrial Average (EOD) Ericsson Telephone Company Keryx Biopharmaceuticals, Inc. MGIC Investment Corp. NYSE COMPOSITE INDX Russell 1000 Index Russell 2000 Russell 3000 Index STMicroelectronics N.V. ADS Standard & Poors 500 SunTrust Banks, Inc.
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