Stock Market Today: Dow Turns Negative for the Year as Earnings Gloom Sets In

NEW YORK (TheStreet) -- U.S. stock markets plummeted on volatile trading Thursday as mixed earnings reports, concerns about the health of the European economy and financial sector and the wait for Friday's big nonfarm payrolls report rocked the global markets.

Amid the commotion, the bio-therapeutic drugs group was sparkling as Amarin (AMRN) flew 13.21%. The late-stage biopharmaceutical firm garnered a bullish report from TheStreet's Adam Feuerstein, who says that Amarin is expected to hear soon on an appeal to a top official at the FDA requesting a reversal of the agency's revocation of the Special Protocol Assessment (SPA) covering the phase III "ANCHOR" study of its prescription fish-oil pill Vascepa.

All the benchmark indices were down more than 1%, with the Dow Jones Industrial Average (DIA) sinking 1.88% to 16,563.30, the S&P 500 tumbling 2% to 1,930.67, and the Nasdaq (QQQ) surrendering 2.09% to 4,369.77. The VIX "fear gauge" was spiking more than 27% to 16.98.

All the indices finished negative for the month, with the Dow in the red for the year.

Former Fed Chairman Alan Greenspan says that a big, much-awaited pullback is coming after numerous false starts. Greenspan told Bloomberg Television's Betty Liu on Wednesday that equity markets will see a decline at some point, after surging for the past several years.

"The stock market has recovered so sharply for so long, you have to assume somewhere along the line we will get a significant correction," said Greenspan.

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