Concerns Of Spreading Debt Crisis Weigh Down Stocks

July 18, 2011 at 17:32 PM EDT

Continued concerns of a spreading debt crisis in Europe sent the markets down to a lower close with the Dow tumbling 94 points to 12,385. Nasdaq fell 24 points to 2765.

On the upside

Check Point Software Technologies (Nasdaq: CHKP) reported sharply higher second quarter earnings that topped analyst estimates prompting the Internet security software firm to lift its full year outlook.

A Seeking Alpha article on Friday refuted allegations that Shengkai Innovations (Nasdaq: VALV) committed fraud.

Valence Technology (Nasdaq: VLNC) raised its revenue outlook for the first quarter as shipments climbed.

On the downside

Despite passing bank stress tests, shares of Allied Irish Bank (NYSE: AIB) and the Bank of Ireland (NYSE: IRE) both fell over concerns of a widening debt crisis in Europe.

MGIC Investment's (NYSE: MTG) second quarter loss weighed down shares of fellow mortgage insurer PMI Group (NYSE: PMI).

Delta Air Lines (NYSE: DAL) will no longer fly to 24 cities in the Midwest citing weak demand.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 12 points to 815.