Fear Of Global Economic Slump Sends Markets Tumbling

A sharp drop in the global markets sparked fears of a protracted economic slump to send the U. S. markets tumbling with the Dow skidding 298 points to 7553. Nasdaq collapsed 64 points to 1471.

On the upside

Nasdaq granted GSI Group (Nasdaq: GSIG) an extension until May 4 to complete its internal audit, restate financials and file a performance report in order to regain listing compliance .

Standard & Poor's announced that BankAtlantic Bancorp. (NYSE: BBX) will be replaced by Iowa Telecommunications Services (NYSE: IWA) on the S&P SmallCap 600 on February 20 after markets close.


On the downside

Moody's Ratings Service downgraded PMI Group (NYSE: PMI).

Four Research in Motion (Nasdaq: RIMM) executives including co-chief executives James Balsillie and Mike Lazaridis settled SEC charges of options backdating without admitting or denying allegations.

Shares of Bank of America (NYSE: BAC), Citigroup (NYSE: C), and Huntington Bancshares (Nasdaq: HBAN) all fell over fears that the economic stimulus package is not enough to stem the tide do defaults.

A sharp drop in crude oil prices weighed down shares of Exxon Mobil (NYSE: XOM).

In the broad market, declining issues overwhelmed advancers by a margin of nearly 10 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 19 points to 429.

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