- DJIA down -99.26, -0.84%.
- S&P 500 off -14.22, -1.17%.
- Nasdaq down -32.23, -1.26%.
GLOBAL SENTIMENT
- Nikkei down 1.21%
- Hang Seng down 1.18%
- Shanghai Composite down 0.30%
- FTSE-100 down 0.41%
- DAX-30 down 0.54%
U.S. stocks closed down Monday, reversing gains after the European Central Bank (ECB) president Mario Draghi injected fresh pessimism into the state of the global markets.
In a speech, Draghi commented that the current economic outlook was "highly uncertain" and European nations need to work together for a tighter fiscal union. At the same time, he undercut hopes that the central bank would be more aggressive in helping struggling countries by expanding its bond purchases.
Before Draghi's comments, the Dow was up 60 points. After, it plunged into negative territory. European markets also shed gains after the speech.
Asian stocks also fell today, with some indexes down sharply, amid fears a leadership change in North Korea could bring instability or a military struggle for control.
Just before close, the European Finance Ministers announced that members of the euro single currency bloc will provide 150 billion euros of additional resources to the International Monetary Fund. Investors had been waiting for a statement from the leaders.
In company news:
Wells Fargo & Co. (WFC) lost 2.5% as it agreed to buy Burdale Financial Holdings from the Bank of Ireland (IRE). The portfolio of Burdale Capital Finance represents approximately $1 billion in loans outstanding from U.S. and U.K. customers, the company said in a statement.
ADRs of Bayer AG (BAYRY) closed down as the European Commission approved the drug maker's Xarelto for use in stroke prevention. The move allows Bayer to enter the largest regional market for the pill, according to a Reuters report on the matter.
Broadcom (BRCM) fell more than 3% and hit new year lows today as it announced that the United States District Court for the Central District of California has ruled in favor of the company against Emulex (ELX) for infringing on two Broadcom patents. The court also rejected Emulex's challenge to the validity of the patents, as well as its challenge to an earlier damages award for one of the patents.
Exxon Mobil (XOM) shares fell after Bloomberg reported that the U.S. oil major appointed HSBC Holdings (HBC) to advise on a $5 billion elastomers project at Jubail in Saudi Arabia, the Middle East Economic Digest reported.
Las Vegas (LVS) shares were 2.5% lower following a weekend report that Hong Kong regulators concluded an investigation of the company's Sands China unit. Securities regulators will not take action against the company, according to a Dow Jones Newswire report.
Shares of Alexza Pharmaceuticals (ALXA) soared 7%, reversing pre-market losses, after the company announced that it has retained Lazard to assist in exploring strategic options to enhance stockholder value, including a possible sale or disposition of one or more corporate assets, a strategic business combination, partnership or other transactions.
Eastman Kodak (EK) was down 20% after The Wall Street Journal reported that the company hit some snags in its efforts to sell patents and borrow money.
Commodities were mixed. Oil for January delivery climbed 35 cents, or 0.4%, to settle at $93.88 a barrel on the New York Mercantile Exchange. Gold for February delivery declined by $1.20, or 0.1%, to $1,596.70 an ounce on the Comex division of the New York Mercantile Exchange.
UPSIDE MOVERS
(+70%) WINN, Merging with BI-LO
DOWNSIDE MOVERS
(-4%) PDLI, Sees Revenue Below Expectations for Q4
(-) HEI, HEICO Downgraded to Hold from Buy at Auriga
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