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Wall Street notched its fifth straight day of losses on weakness in banks amid fears of a global economic slowdown. Bobbi Rebell reports.
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A late day comeback lessened the damage, but it was still red across the board on Wall Street. Investors sold bank stocks and flocked to safe haven assets, like gold and the yen. They ignored positive data on initial jobless claims, which fell last week.
Capital Management's Tom Mingone:
SOUNDBITE: THOMAS MINGONE, MANAGING PARTNER, CAPITAL MANAGEMENT GROUP (ENGLISH) SAYING:
"There's a lot of uncertainty in the markets. People are really nervous."
The surge in gold prices fueled gold and mining stocks such as Kinross Gold and McEwen Mining.
Boeing nose-dived. It was the Dow's biggest decliner. Bloomberg reported the SEC is investigating whether the plane maker properly accounted for the costs and anticipated sales of its 787 Dreamliner and 747 jumbo jet.
TripAdvisor shares zoomed skyward. The travel review site's new direct bookings system helped power profit past estimates. Rival Expedia also rallied after the online travel agency issued a positive forecast.
Mylan could use a migraine pill after seeing its stock plunge. Some analysts fear the generic drugmaker is overpaying in its $7.2 billion deal for the Swedish drugmaker, Meda.
Pandora stock added eight percent during the trading day on reports from the New York Times that it is talks about a sale. After the bell the company missed earnings estimates.
In Europe, a drop in banks and resources stocks pushed shares sharply lower.
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