Markets

Closing Update: Stock Tumble in Broad-Based Sell-Off; Small Caps Extend Slide With Russell 2000 Now Off 10% from High

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U.S. stocks had their worst day in five weeks Thursday following a pair of downbeat economic reports, including builder confidence falling to its lowest level in nearly a year and consumer prices posting another rise. Athough stocks have climbed off their session lows, all 10 sectors in the S&P 500 finished with declines, led by energy stocks and shares of healthcare and industrial companies.

Small-cap stocks were particularly hard hit with the Russell 2000 index dropping 1.7% this afternoon and extending its decline to 10.6% from its 52-week high of 1,213 acheived in March. The Nasdaq Composite Index - home to many faster-growing, richly-valued companies that also have been stumbling in recent weeks - only two days later reached its 52-week high only hit the skids as well.

The April consumer price index rose 0.3% from March, as expected with prices excluding food and energy climbing 0.2% higher over March levels, topping the expected 0.1% gain.

The National Association of Home Builders/Wells Fargo survey reported that builder confidence fell to a 45 reading, trailing expectations for a 48 score and falling below the previous low-water mark for the index set just last month with a 46 reading.

But separate reports Thursday finding first-time jobless claims falling to a seven-year low and improving manufacturing activity in New York state and surrounding areas had little positive impact on shares.

Commodities also fell. Crude oil for June delivery settled 87 cents lower at $101.50 per barrel while June natural gas was up 10 cents to finish at $4.47 per 1 million BTU. June gold was down $12.40 to $1,293.70 per ounce while July silver declined 29 cents to $19.49 per ounce. July copper settled 2 cents lower at $3.14 per pound.

Here's where the markets stood at the end-of-day:

Dow Jones Industrial Index down 167.16 (-1.01%) at 16,446.81

S&P 500 down 17.68 (-0.94%) at 1,870.85

Nasdaq Composite Index 31.33 (-0.76%) at 4,069.29

GLOBAL SENTIMENT

Hang Seng Index is up 0.7% at 22,730.86

Shanghai China Composite Index is down 1.06% at 11.19

FTSE 100 is down 0.58% at 6,838.68

UPSIDE MOVERS

(+) GTIV, (+61.4%) Kindred Healthcare ( KND ) goes public with $533 mln takeover bid, offering $14 a share in cash and stock - a 64% premium over GTIV's closing price last night. KND said it was willing to make an all-cash bid if GTIV board prefers.

(+) CLVS, Posts abstract for its potential first-line treatment for non-small cell lung cancer, with some of patients treated with its CO-1686 drug candidate showing partial responses or stablized disease.

(+) ZEN, Cloud-based customer-service software maker rises after pricing initial public offering of stock at $9 a share, the middle of its $8 to $10 range, snapping a string of sub-par IPO pricings for software stocks in recent weeks.

DOWNSIDE MOVERS

(-) SRNE, Prices 4.765 mln shares of common stock at $5.25 apiece, marking a 21.6% discount to Wednesday's closing price.

(-) LIQD, Prices follow-on offering of 32 million shares at $1.25 each, a 45.6% discount to Wednesday's closing price.

(-) VOXX, Electronics wholesaler is hit with analyst downgrades at B. Riley and BMO Capital after yesterday reporting fiscal Q4 EPS that trailed forecasts by $0.59 per share and guiding FY15 revenue lagging Street view by at least $54.41 mln.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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