Jobless claims fell last week but analysts expected an even greater drop. The markets opened lower with the Dow tumbling 86 points to 13,040 while Nasdaq fell 21 points to 3083.
On the upside
Galena Biopharma (Nasdaq: GALE) reversed year ago losses to post a profit for the fourth quarter.
Threshold Pharmaceuticals (Nasdaq: THLD) announced several presentations featuring results from studies of its TH-302 hypoxia-targeted drug at the American Association for Cancer Research Annual Meeting from March 31-April 4.
Fourth quarter earnings rose for Red Hat (NYSE: RHT) to top analyst estimates prompting the software company to forecast current quarter and full year results ahead of expectations.
On the downside
The Food and Drug Administration rejected Chelsea Therapeutics' (Nasdaq: CHTP) hypotension medication Northera and recommended additional drug trials.
Best Buy (NYSE: BBY) fell to a loss for the fourth quarter and announced plans to close 50 stores and eliminate 400 jobs.
Federal authorities charged JetBlue (Nasdaq: JBLU) captain Clayton Osbon with interfering with a flight crew.
In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 827.