Stocks Slide on Eurozone Worries, Apple
Over the weekend, a People's Bank of China official warned that the country's slowing economy could extend into next year.
A dearth of guidance from Spain on its bailout plans also added to the global anxiety.
In addition, Standard & Poor's lowered its full-year economic growth outlook for the Asia Pacific region. At home, the general business activity index from the Dallas Fed Manufacturing Survey remained slightly negative but edged up to -0.9 from -1.6, and the Chicago Fed National Activity Index decreased to -0.87 in August from -0.12 in July led by declines in production-related indicators.
The FTSE in London closed down 0.24% and the DAX in Germany settled off 0.52%. Hong Kong's Hang Seng index finished down by 0.19% on Monday and the Nikkei in Japan settled behind by 0.45%.The benchmark 10-year Treasury gained 13/32, pushing the yield down to 1.711%. The greenback rose 0.20%, according to the dollar index. November crude oil futures lost 96 cents to settle at $91.93 a barrel while December gold futures dropped $13.40 to settle at $1,764.60 an ounce. In corporate news, Facebook (FB) shares dropped more than 9% after Barron's questioned the company's valuation over the weekend. Lennar (LEN), the homebuilder, posted fiscal third-quarter earnings of 40 cents a share. Revenue in the quarter rose 34% to $1.1 billion. Shares lost 1.5%. Google ( GOOG ) shares hit an all-time intraday high at $747.28 after Citi noted that the internet giant's streamlining of its Motorola Mobility business was grabbing the attention of the investment community. Shares popped 2.1% at final check. Questcor Pharmaceuticals ( QCOR ) shares tumbled 36.7% after saying that the company is under a U.S. government investigation involving its promotional practices and that the firm plans to cooperate in the process. Peregrine Pharmaceuticals ( PPHM ) shares plunged 78.5% after the company said that it discovered major discrepancies between some patient sample test results and patient treatment code assignments during the course of preparing for a meeting with regulatory authorities and following recent data announcements from its randomized, double-blind placebo-controlled Phase 2 trial of bavituximab in second-line non-small cell lung cancer.
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