US stocks tumble across the board, posting their worst declines in three months, as the Greek bailout is proving insufficient in quelling the roiling fears about sovereign debt across southern Europe.
DJIA, which posts its fourth straight triple-digit move, drops 225, or 2%, to 10927, its second-largest point decline of the year. S&P 500 falls 29 to 1174; all 10 sectors finish in the red. Materials and industrials each drop more than 3%. Nasdaq Comp plunges 75 to 2424, its biggest decline since January 2009.
How about all that optimism that swirled through the market just 24 hours ago? That didn’t last very long. Volatility surges — CBOE’s VIX rises 19%. Euro plunges to a fresh 12-month low against the dollar. Oil drops 4%.
Media giant News Corp (NWS NWSA) rises 2.5% in after-hours trading as F3Q revenue rose 19% on “Avatar” results and a rebounding advertising market. News Corp owns Dow Jones Newswires, publisher of this blog.
Intermune (ITMN) shares plunge in late trading after the FDA rejects its application for lung-disease drug pirfenidone and requests another clinical trial, something that is expensive and time consuming. ITMN off 78% to $9.94 in after-hours trading.