The Dow Jones Industrial Average finished down more than 200 points (1.6%), and the S&P 500 was down 1.5% as worries about European debt and a Chinese economic slowdown slammed the markets. Gold also was down about 2% to about $1,675, nearing a six-week low.
Before Tuesday’s pullback, the Dow and S&P had gained about 6% and 8.5%, respectively, so far this year, leaving many convinced at least a short pullback was inevitable.
Chinese stocks continued to show weakness. China Life Insurance (NYSE:LFC) lost 8.5%, gaming and casino company Melco Crown Entertainment (NASDAQ:MPEL) was down more than 7%, Internet TV company Youku.com (NASDAQ:YOKU) shed 6.6% and search provider Baidu.com (NASDAQ:BIDU) dropped 2.5%.
Financials also were hit hard, with Citigroup (NYSE:C) and Goldman Sachs (NYSE:GS) down more than 4%, Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) more than 3% lower and JPMorgan (NYSE:JPM) down 2.7%.
Internet radio company Pandora (NYSE:P) was down more than 15% in after-hours trading after a disappointing earnings report. Pandora’s fourth-quarter revenues were up 71% to $81.3 million, and full-year revenues doubled to $274.3 million, but the company suffered Q4 and annual losses of 5 cents and 19 cents per share, respectively. Revenue and earnings forecasts for the current quarter also fell below expectations.
- Monster Worldwide (NYSE:MWW): Up 10.6% (80 cents) to $8.32.
- VeriFone Systems (NYSE:PAY): Up 7.9% ($3.69) to $50.24.
- Human Genome Sciences (NASDAQ:HGSI): Up 4.4% (32 cents) to $7.55.
- Oncothyreon (NASDAQ:ONTY): Down 39.7% ($3.34) to $5.07.
- Polycom (NASDAQ:PLCM): Down 9.6% ($1.92) to $18.05.
- Barclays (NYSE:BCS): Down 8% ($1.28) to $14.82.