Renewed fears of an expanding debt crisis in Europe overshadowed news that the nation's service sector expanded more than expected in August. The markets closed lower with the Dow plunging 100 points
to 11,139.
Nasdaq lost 6 points to 2473.
On the upside
Rumors circulated that VeriSign (Nasdaq: VRSN) may be acquired after the company cancelled an appearance at the Citigroup Global Technology Conference.
Shares of Dynegy (NYSE: DYN) continued rising after the company acquired direct ownership of Dynegy Coal Holdco.
MannKind (Nasdaq: MNKD) will present at the Rodman & Renshaw Annual Global Investment Conference on Monday, September 12, 2011.
On the downside
Deer Consumer Products (Nasdaq: DEER) affirmed its full year outlook and announced that the New York Supreme Court granted the company's motion to serve a short seller with a summons and complaint in its suit alleging stock manipulation.
Shares of Yingli Green Energy (NYSE: YGE) tumbled over fears that it may also file bankruptcy protection. Rival Solyndra filed for bankruptcy protection last week.
Renewed concerns of an expanding debt crisis in Europe weighed down shares of UBS (NYSE: UBS) and ING (NYSE: ING).
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 680.
