Late Selloff Slams Stocks

Treasury prices gained ground. The 10-year note rose 7/32 in price, yielding 4.78%, and the 30-year bond was up 14/32 in price to yield 4.93%. The dollar was falling against the world's major currencies.

Overseas, markets were mostly higher. London's FTSE gained 2.5%, and Frankfurt's DAX climbed 1.7%. Hong Kong's Hang Seng rose 2%, while Tokyo's Nikkei was off 0.2%.

The earnings parade will continue before Wednesday's open, when such names as Time Warner (TWX Quote - Cramer on TWX - Stock Picks), Kraft (KFT Quote - Cramer on KFT - Stock Picks), OfficeMax (OMX Quote - Cramer on OMX - Stock Picks) and Qwest (Q Quote - Cramer on Q - Stock Picks) are due to report.

Electronic Arts (ERTS Quote - Cramer on ERTS - Stock Picks), Starbucks (SBUX Quote - Cramer on SBUX - Stock Picks) and Disney (DIS Quote - Cramer on DIS - Stock Picks) will be out with results later in the day.

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