it was a similar pattern for the nasdaq, only more so. on the week, the nasdaq dropped 5%. and the s&p 500 fell 4.2% this week. early friday, the index briefly dropped below the lows seen during the flash crash two weeks ago. it has been a rough four weeks for stock investors with the s%p 500 down more than 10.6% since its high on april 23rd. a few of some of the biggest stock mutual funds have done slightly worse. the biggest stock fund out there, american funds growth fund dropped a little more than 12% from the high. vanguard's total stock market fund was off 12.3%. fidelity's biggest stock fund, the contrafund, performed about off by 11.3%, while the dodge and cox stock fund was slipped a little more down 15.5%. these numbers come courtesy of morningstar. today's leaders in the choppy market were financial stocks. it may have been some relief buying after the approval of the financial regulation bill by the senate. among the big banks, j.p. morgan led the way. it was the best performing dow industrial component. morgan stanley saw better than usual volume on its move up.

the nasdaq help. we are unable to determine what all our systems and communications were not functioning properly. at 2:47 they were sending orders outside the system. we welcome the sec's review of these events. we need to examine the ripple of fact that stock volatility in the etf market and make sure these are considered in circuit breaker considerations. we are pleased with the recently announced the adoption of market wide stock level lrp's. we will review the need for functioning lrp's once the circuit breakers are implemented. circuit breakers install rod blagojevich is based on a 20%- 30% -- circuit prison -- circuit breakers installed long ago are based on a 20%-30% move in the market. i would submit that the need to cancel trade is a son of a market structure that does not function properly. since 2008, hundreds of thousands of trades have been cancelled from electronic exchanges with stocks trading down to a penny in the fourth quarter of 2008. it is time to put a stop to that. we should rev

volume picked up considerably on both the new york stock exchange and the nasdaq. but the one silver lining was the u.s. dollar-- it rose as the euro fell to a one-year low against the dollar, thanks to the european debt worries. >> susie: the crisis of confidence comes as investors worry about the greek debt crisis spreading to other countries in europe. we have two guests to analyze the issues-- a wall street market strategist, and a top economist from the international monetary fund. the imf is funding that greek bailout package with the european union. let's start on wall street. joining us now, art hogan, chief market strategist at jeffries & co. >> hi, susie. >> susie: art, if this debt crisis in europe spreads to other countries beyond greece,ç what will happen with the u.s. stock market. >> susie, one of the biggest things that has happened today and has been a consistent pattern, the more we're concerned with what is going on with the sovereign debt situation and all of greece, in particular, the euro sells off, and that's going to continue to be the case,

the nasdaq is hit the hardest, down 0.9%. big board, we have 4.5-1 ratio of decliners to advancers, and that is not good. and on the nasdaq, it's a little better than 3-1 or a little worse than 3-1, losers over winners. so, we have an internal which is, i would say a little worse than what we're seeing on the averages. up volume, down volume, let me just quickly do the math in my head. that's about little more than 5-1 favoring the down side. >> all right, return of volatility. vix up 45% over the past month if you look at that chart. so, we continue to ask as we did last hour, how do you play it? two market experts, here we go, with us. one playing volatility and the big caps, the other saying precious metals, particularly gold is way to go. john myers, tower bridge advisers and dan is portfolio manager of the usaa precious metals and minerals fund. dan, why are precious minerals the way to go now that volatility is up? >> we always recommend them because we think they're good for their diversification benefits. gold specifi

my co-host for the hour, bob pisani on the floor the nyse, along with simon, scott wapner from the nasdaq. bertha coombs coming today from the nymex. rick santelli at the chicago mercantile exchange. great to see you all. everything from equities to oil down right now. what would you see is driving the sell-off? we're going to hear from ernst leburn coming up in the program from xerox and she said not only is it the weakness in europe but also that bp spill that continue -- continues to develop. bob pisani, what are you seeing? >> well, clearly it's not so much greece, it's the general idea that the problems with spain, if the contingent idea is real and people believe it, spain's problems are on a much bigger level. that is, the ability to fix them. the costs to fix them are at a much higher level and china down 17% in the last several months. that's been weak here throughout the day and finally just now, maria, we'll be getting votes on that financial reform bill which will be happening in the next couple of hours. are there votes already coming up to basically have a resolutionta there

the dow has the biggest one-day drop since february 4. nasdaqgest one-day tumble in april 20, 2009. >> i'm tyler mathisen. we are covering everything from chemical processing to anywhere? >> a small group of consumer stocks on the upside. wouldn't take much comfort from that. we are basically about 8-1, 7-1 declining to advancing stocks. the three big problems here. one, decoupling idea for the u.s. is not accurate long term. i think most traders believe that. even though it can work on an train day basis. two, spain is a much bigger problem than greece is. even though spain says they don't need bailout. number three, look what's going on in china a 7-month low. chinese are actively trying to moderate not just property market but equity market as well. >> bob, actually, rick santelli if i could turn to you. one of the -- levels that we are watching and -- key technical level as it pertains to the euro is the 130 mark. if that does not hold, what are the implications for the dollar and what happens in your markets as a result of that? >> well, yo

the dow lost 126 points, the nasdaq fell 15 points, and the s&p 500 was off 14. big board and nasdaq volume both dropped markedly from friday's pace. some encouraging housing news: sales of previously owned homes in april jumped more than 7.5% from the previous month as buyers rushed to take advantage of the government's tax credit. year over year, existing home sales were up nearly 23%. state and federal officials are increasingly frustrated with b.p. and its response to the oil disaster in the gulf. today, interior secretary ken salazar said, quote, "we will keep our boot on their neck until the job is done." others are stepping up the pressure. the e.p.a.'s administrator says fines and penalties against the company are likely. louisiana's governor is also demanding a quicker response. b.p. says the federal government is clearly within its power to take over operations. later this week, b.p. plans to try a procedure known as a top kill which involves using heavy drilling fluids to stop the flow of oil. still ahead, making choices with your money. how decisions a

got hit the hardest. is nasdaq going to lead us down? that's that's an unfair question to you, but is the chatter that it will lead us down having led us up during this great rally? >> it's great point. nasdaq was up some 40 something percent in 2009. it's hit in 2010. a lot of their earnings commentary has been positive, yet technology is a place where investors are taken profits off the table in almost any scenario that gave them a reason to, whether fear or economic concerns. let me take a stab at what bob and rick were talking about. you mentioned spain being put together with greece. i say no, not yet. the problem is it's caused people to move away from risk assets. and you've seen that move into the dollar today and that's one of the reasons why you saw the commodity stocks selloffs go badly. >> let me go to bertha on that. you're last but by far never least. with respect to the strong dollar that several people have already mentioned, what eat sentiment about commodities? how bearish are we going to get on commodities? >> the feeli

let's head over to the nasdaq marketsite. melissa lee is standing by with a preview of what's coming up, "fast money" top of the hour. hi, melissa. >> hi there, maria. big show at the top of the hour on "fast money." first of all, we will trade the fear. the trades you want to have on long and short in light of this european contagion. and we'll also go through the trades you might want to have on if you believe the euro zone is destined to break up. and of course our traders will also give you their best ideas for opportunities amidst the sell-off here in the united states in terms of stocks you want to buy on the dip. and then joe terranova has his ear to the wall when it comes to the oil insiders out there. the trades off of the bp oil spill. some of them will shock you. all that and much more top of the hour on "fast money." maria. >> we'll see you in less than five minutes. investors will be paying close attention to the big hearing on capitol hill tomorrow. we'll get you set up for the opening bell. you're watching cnbc,

the new york stock exchange. we had nasdaq. now the s.e.c.'s looking at 40 different market centers. so, you know, i think as we go forward, we can look at some of the upsides that we've seen, the bid/ask spreads have been reduced by the fact that everything sped up in the market. in some ways the market is more efficient. we know germany and other countries have looked at ways to look at individual stocks. and put realtime circuit breaker in effect where, if those stocks drop more than 5%, you are going to have a hold. in five minutes, you're going to have a hold. after that on transactions, as regulators and as market participants, you know, focus on what's afoot in case -- in case we've got something like the bear stearns errant order back in 2002. as we move forward, i think we recognize that our markets now react in milliseconds to events, but they are monitored by humans who respond in minutes. and in those minutes, you can have the loss of billions of dollars of damage. let me also say that i don't think the members here are criticizing

and we'll run through a little chartology here because this is the nasdaq 100 over the rydex nasdaq 100 bull-bear ratio. what does it show you? >> we saw this earlier this morning. this was before the market opened. this was like at 4:30 a.m. so we saw this, and this kind of looked kind of -- it stood out quite early this morning that technology once again in terms of the sentiments bull to bear is almost at record levels as we've seen in the last year. >> and technology's been one of the sectors that has underperformed, but you have had a lot of indication that it was going to break down. look at google. had the earnings on april 16th. it still has its price gap between 568 and 588. broke down while the market kind of hung in there. but that gave you the lead. right now i think when you look at technology and go back to the commodity space, those are sectors that you want to be in when you look forward to the second half of this year. >> and again, we talked intel ahead of earnings. we showed you what's been happening with the earnings releases. and frankly, this earnings release back

the nasdaq rose 25 points to close at 2,229. but for the week, the dow lost 4%; the nasdaq fell 5%. it will be tuesday, at the earliest, before engineers try to stop the spate of oil in the gulf of mexico. b.p. said today it needs more time before trying to pump heavy drilling mud and cement into the well head, a mile deep. the company also reported a sharp drop in how much oil it siphoned from the well in the last 24 hours. and debate continued over how much is gushing into the sea. in louisiana, coast guard rear admiral mary landry announced a scientific team will address that question. >> this team will put together a very important report about what we think the actual estimate is of the oil emiting from this well, from this damaged riser. and in the course of that work, they are going to have a peer review and it is going to be given rigorous oversight and attention by the federal government and by academia so we can have a very, very accurate estimate of what the flow rate was emiting from the well. >> sreenivasan: meanwhile, heavy goo kept coming ashore, forcing grand isle, lo

the nasdaq fell 54 points to close at 2,265. that came amid uncertainty over the situation in greece, and questions over what led to yesterday's sudden 1,000 point plunge. newshour correspondent kwame holman begins our coverage. >> holman: payrolls expanded by 290,000 in april, the most in four years. of that, private employers added 231,000 new jobs, with widespread gains across a number of industries, including manufacturing, construction, retail, education, and health services. another 66,000 temporary government workers were hired to help conduct the census. despite the job growth, the unemployment rate still rose two-tenths of a point to 9.9%, as more than 800,000 jobless americans resumed their search for work. at the white house, president obama called today's report "very encouraging news." >> yes, we've got a ways to go, but we've also come a very long way. and we can see that the difficult and, at times, unpopular steps that we've taken over the past year are making a difference. >> holman: on capitol hill, reaction to

the dow and nasdaq have fallen. the wall street woes came on the same day hat the senate pass ad historic financial overhaul bill. yesterday's passage is a major victory for president obama. tracie potts has more. >> the bill as amend has passed. >> reporter: republicans and democrats said they are shutting the door on wall street gambling with your money. the senate's bill would police risky financial deals, shine flight on complex trades, create a new government agency to protect consumers, demand proof you can pay your mortgage and shut down failing banks without using your money. >> there will be no more taxpayer funded bailouts. >> reporter: what the bill doesn't do is stop the bailouts of mortgage giants fannie mae and freddie mac now at $146 billion and counting. >> there's no ends in sight. losses continue to mount and the taxpayer exposure

the nasdaq looking strong. back on friday, we did rebound from the biggest drop in a year. lockheed martin, shares were higher on friday. they have been awarded a new contract to upgrade fighter jets. more good vibes. they are given $30,000 grant to support micro financing efforts overseas. i'm jane king reporting for wbal-tv 11 news. >> thank you. you may not be old enough to remember when we had to rent our telephones. i remember. these days you can buy them just about anywhere. some people never got has been renting her phone for decades. >> i did not know that i could get another phone without having to pay a fee. i thought it just had to be that way. >> hundreds of thousands of people are still renting their phones. tonight at 11:00, how evelyn figured out she did not need to any more and why anyone would least a phone when they can buy one for a fraction of the cost. >> 5:22. we will check your morning commute. >> e-mail your response to watercooler@wbaltv.com. do you think the term "retarded" should be banned? e-mail your response to watercooler@wbaltv.com. >> it is

the dow and the nasdaq seeing their biggest declines today since early february. take a look at where we stand with the dow jones industrial average down near the lows of the afternoon in the triple digits with decline of 2.wo 5%. 10900. down across the board. biggest decline since february 4. onto the nasdaq, we are seeing heavy selling there as well, and it is across the board, not just in stock, but commodities also seeing a sizable sell-off today. materials and industrials, really the worst-performing large cap s&p 500 groups. nasdaq down 81 points. back below 2500 at 2417 with the decline on the session 3.33%. as you can see right out of the gate this morning, down across the board on the worries spiraling throughout europe. the s&p 500 down 2.5%. let's try to make sense of what's behind this massive sell-off today. here to break down the moves they're se

and the nasdaq also fell 74 points to close at 24.24. >>> according to our media partner the baltimore sun, the event would attract visitors from around the world and perhaps rival the preakness >> i just want to see smooth streets. >> they would have to do that to have the race. >>> and this happened after a teenager ran on to the field. why police are reviewing their procedures on how to deal with unruly fans. >>> and a coroner reveals what killed actor cory haim, and it was not drugs. >>> i'm bob turk, i'll have your complete first warn morning forecast. ,,,,,,,,,,,,,,,, >>> it is 70 degrees with a few clouds in central maryland right now. the complete first warn weather forecast is coming up. but first, the city of nashville continues to feel the devastation of a record breaking storm. at least 30 people were killed in the flash floods. the famed old opri suffered major damage, it will be closed for the next several months. >>> dre, saunders and lancaster were looking for a robbery target. betts was shot at his home. the three teens were previously in the custody of the district's

the nasdaq fell 47 points to close above 2,346. for the week, the dow gained 2.3%; the nasdaq rose 3.6%. those are some of the day's major stories. now, back to jim. >> lehrer: now, the new british foreign secretary made a quick trip to washington today. at the state department, william hague and secretary clinton reaffirmed the close ties between the two allies. margaret warner talked with hague this afternoon at the british embassy. >> warner: foreign secretary, thank you for joining us. >> it's a pleasure. >> warner: as you just said in the press conference with secretary clinton, it has been an extraordinary week in british politics. you were in the thick of it. you were the lead negotiator. what tipped the balance? what made you decide to go into this coalition than govern alone? >> we wanted to have a secure government that could last, we hope, for a good five years to the next general election, and if we had governed as a mean ort that would have been a very unstable arrangement, probably led to another election very quickly,

this week the major indices hit corrections territory down 10% from the recent highs for the dow, the nasdaq, the s&p 500. mostly because of the worries imported from europe. how do you see things? what does this mean for a long-term investor? >> for over the last year we've been talking about the economy being a bumpy journey to a new normal. and we clearly have hit a bump and the bump is emanating out of europe, which is truly having a financial crisis. so i think the markets are rationally de-risking. it's not present but it's par for the course if the course is going to be a bumpy juniory to a new normal. >> it certainly feels like there's a lot of fear out there. do you think this continues? is there more of a correction to come? >> i think it's going to continue until you see an adequate policy response to insure investors that the world of growing concern, if i can put it that way. i don't think we've seen that adequate response yet. you can see that europe has tended to be very reactive and the market has effectively booed every policy measure they come back with. i think we're in th

the s&p rose 16 and the nasdaq rose 25 points. as we take a look at overseas, in tokyo the nikkei gained 26 points and while in hong kong the hang seng gain 121 points jo volatility is the name of the game on wall street these days. china's stocks jumpeded to a three-month high on the possibility that country is ready to rein in some of its oefrts. china's president stressed the need to prop up the global economy during the start of bilateral talks. it's long ben pegged to the dollar's value as opposed to a broader basket of currency. meanwhile oil prices snap add three-day slide trading nearly $17 a barrel today. crude prices have fallen in the last 11 of the 15 trading days to a high of $87 may 4 to a low of $64 last thursday. what does that mean for prices at the pump? according to the latest survey, last week the price of a gallon of regular gas fell more than nine cents to $2.82. tough week on the horizon for british airways. 12,000 b.a. employees kicked off a strike today protests cutbacks in staff and pay. >>> and keep an ey

the nasdaq up 25 points at 2,229 and the s&p 500 up. the dow and the s&p 500 are on track to have their worst performance in may since 1962. the nasdaq is having its worst performance in may in a decade. it has been a wild couple of days of ups and downs and it's created financial panic. john schriffen joins us with more. >> just when it seemed like investors were dipping their toes back in the stock market waters, wall street gets hit with a week like this. investors aren't sure whether to stay in or pull their money out. after three days of losses, the stock market opened once again in the red. the dow started the day under 10,000 points. >> i'm very worried. i'm not confident at all. i think that the markets are reflecting what people have felt in their hearts for a long time. >> reporter: financial advertiser with morgan stanley says much of the turbulence on wall street this week are due to the many economic problems in europe sparked by greece teetering on the verge of bankruptcy. >> the banks had problems and the united states ca

with the nasdaq down about 3% now. have turned around in the last hour and a half or so feeling the momentum from europe. dow futures run now about 23 above fair value. nasdaq futures are slightly lower, still, and s&p 500 futures are up slightly right now. ross, of course, we are looking ahead in about three hours from now for that adp report coming out at 8:15 in the morning. of course, the private sector report, we're expecting gains there as a precursors to big jobs friday. we're expecting a couple of earnings here, as well. how are you guys fairing a couple hours into trading? >> we are down after being down an hour or so ago. slim gains now for the german and french markets. basic resources, energy and insurance are the best performing sectors here. that is part of the peripheral markets there. there's been a sharp die vergence in performance. but as we head towards the u.s. open, christine, looking a little better if you're long in the market. >> well, here in asia, a pretty rough session, ross. trade is a littl

the dow gained 125 points, the nasdaq 25 points, and the s&p 500 up 16 points. the gains today came in part thanks to the senate passing the sweeping potential reform bill last night. the measure promises to impose new oversight over the nation's increasingly complex financial industry. ultimately it is designed to protect consumers, but many wonder how. >> is almost as if congress decided it did not want to actually make any choices and just left it to the regulators to fill in all the blanks. >> it now unnecessarily restrict credit and will make our country less competitive. >> the bill will now be combined with a similar house bill before it heads to the president, though some say that could take some time. >> we have some good news on the job front tonight. 34 states and the district reported a drop in unemployment for the month of april. what has some people excited is when you compare april to march. for 24 states, including maryland, employment rose. the unemployment rate is at 7.7%, and despite the drop in unemployment, there are still more than 220,000

the nasdaq lost 94. >>> the financial crisis in europe has investors worried about a new shakeup to the global economy. investors also reacted to disappointing employment news. the labor department reported the number of people filing weekly jobless claims unexpectedly rose last week by the largest amount in three months. >>> in washington, a new bill that's expected to pass next week could extend unemployment benefits for up to 99 weeks in many states. the bill would also extend almost 50 tax cuts that expired in january. the bill which could cost as much as $200 billion will be funded in part by tax increases on investment firms and some u.s. based multinational companies. the bill would also increase taxes on oil companies by nearly $11 billion over the next decade. >>> in response to yesterday's stock market plunge, treasury secretary timothy geithner and federal reserve chairman ben bernanke will meet with finance officials in both britain and germany next week to discuss ways to restore global confidence in the economy. geithner's trip to europe will come after he and secretary of

we mentioned, the greek debt crisis worried wall street again today; the dow dropped 60 points, the nasdaq fell 22, and the s&p 500 was down almost eight. big board exchange only volume dropped a little from yesterday while nasdaq volume was up a touch. newsweek is up for sale. the washington post company today hired investment banker allen and company to explore options for the money-losing weekly magazine. and freddie mac needs more help from uncle sam. late today, the mortgage finance company under government control said it needs another $10.5 billion in federal aid. the request came after freddie posted a $6.5 billion first quarter loss. the new request brings the total tab for rescuing freddie to over $61 billion. still ahead on the program, what's new for the world's number three beverage? one that's been around since 9000 b.c. we talk with molson coors c.e.o. peter swinburn. >> susie: financial reform continued working its way through the senate today: lawmakers voted to drop a controversial $50 billion fund that would have reimbursed taxpayers for the cost of any future big bank f

the nasdaq fell more than 82 points to close at 2,319. some of the shock waves hitting the market rippled outward from the streets of athens, greece. it was the second day of street violence in athens aimed at drastic spending cuts and tax hikes. some 5,000 protesters confronted riot police outside the greek parliament. the crowd threw stones, and the police fired tear gas to disperse them. no major injuries were reported, in contrast to wednesday's violence that saw a bank firebombed and three people killed. today's demonstrations had begun hours earlier, as greek lawmakers gathered to consider the austerity measures in a bid to secure an international bailout. the plan will slash pensions and civil servants' pay. >> ( translated ): we must protest and continue the struggle until we take back what they are trying to take away from us. >> ( translated ): the measures aren't fair for workers, because they did not cause the crisis, and they want money from the loan to pay the banks. >> brown: but greek prime minister george papandreou told p

the nasdaq rose by 25 and the s&p 500 was up 16, despite those gains for the week the key averages were down 4 to 5%. >>> china's president is promising more reforms of his country's controversial currency. china's main currency has been frozen against the u.s. dollar since late 2008 to help chinese exporters compete. the president pledged in february to get tough with beijing over china's currency policy. >>> for those looking to buy a home, there's a list of most affordable housing markets. indianapolis, indiana, youngstown, ohio are the most affordable followed by dayton, ohio. the most expensive, new york area, san francisco and honolulu. surprising our area didn't make the top five. >> very surprised to see we didn't make the list but glad. >>> for more "living $mart" headlines, log on to our website at wusa9.com. click on the living smart tab on our front page. >>> a major bridge in our region will be remaining a bottleneck despite promises it would return to normal. >>> here's howard. >>> after a wet weekend we are dealing with a few sprinkles. we will look at them on live dopple

the nasdaq added 25 points and lost nearll 5%%for the week.00 added 16 points, losing more than 4% for the week. >>> the nation's unemployment landscape is improving, the than half of all u.s. statese posted lower unemployment rates last month. additionally 27 states posted jobless rates below the national average of 9.9%, while 10 states and district of columbia posted higher rates. >>> michigan still has the highest unemployment rate in the nation, at 14%. >>> the federal trade commission has highlighted a deaa between google and the landmark saying the deal would not harm competition.3 google agreed to buy landmark in a bid to augment its cell phone market reach. google plans to complete the acquisitiin in the coming weeks. i'm stan case for business brief. >>> coming up a dundalk bar owner is shot dead. what the people who knew him are saying about his death. >> reporter: saying goodbye to three kids in cecil county %-i'm megan gilliland how the frieeds and family are remembering the crofton childr >>> welcome back to fox 45 earl3 edition.

the nasdaq lost 74 points and the s&p was off by 29. >>> democrats are determined to push the financial reform bill across the finish line and they are finding common ground with republicans on some issues. they have gotten closer on bailouts and would create a consumer protection authority for mortgages and credit cards. the president insisted wall street has no reason to be afraid of reform but republicans argue they are a power grab. >>> nissan plans to recall close to 135 infinity g-35 sedans and coups. an electronic glitch may prevent the air bags from working in a crash. it involves the 2005 to 2007 model years and sedans from 2005 to 2006. a major safety concern for drivers this morning. >>> for more "living $mart" headlines, log on to our website at wusa9.com. click on the "living $mart" tab on the front page. >>> hov violaters beware, state and local law enforcement agencies are teaming up to catch you today. >>> and one of the most deadliest forms of cancer is also one of the most -- >>> why this could be one of the best days of the year and how long it will last. 9 news now w

the nasdaq was off 15 and the s&p 500 lost 14 points. >>> it's probably the size of a rail way car sleeper but one of the trendiest hotels in new york city. the hotel's corridor can be described as snug to say the least but the trademark, its rooms. at 50 square feet there's enough room to stand and sleep but really nothing else. they are micro-hotel rooms and are being booked quickly. >> what do you think? >> i love it so far. >> my generation, we were attracted to youth hostels during that time. this generation, this is the 21st century version of a youth hostel. stepped way up. >> the appeal lies in cheap chic. there's a guest list to get to the bar, rooms cost around $100, comes with a flat-screen tv, a gown and slippers as well as an i-pod port. >>> before you book that next trip you should know top airlines are going to be slapping a surcharge for flying on peak travel days. the charges range anywhere from $10 to $30 for each domestic flight and are included in the cost of a ticket. american, continental, delta, united and u.s. airways have surcharges on most flights this summer. the

nasdaq and others routed around. even the own electric -- nasdaq's ongoing analysis suggests may 6 was triggered by a confluence of events. we have not located a single smoking gun that callses or fully explains these events. i would note also high-freak wednesdayy traders have played no distinguishing role with this event. they -- the s.e.c. is engaged in an important review. we recommend that conga loud that review to run its course before considering additional policy racks. from a systems standpoint, the nasdaq markets operate throughout the day and throughout the critical 17 minutes. each and every one of our systems designed and functioned as intended. while each exchange is reported that its systems functioned at design, no market center or regulator can be identified with the collective performance of our markets on may 6. nasdaq also supports the commission's decision to review practices that cause individual markets to pause or go slow to determine if any other practice starts the market of liquidity when it is need

the nasdaq dropped 94 points. now we want to take a look at overseas trading this morning. in tokyo, the nikkei tumbled 245 points, while in hong kong, the hang seng lost 33 points. >>> wall street's stunning plunge yesterday is definitely being felt across the globe today. japan's nikkei hit a five-month low in the wake of thursday's wall street fallout. exporters were hardest hit after the euro slid to its lowest level against the yen in more than eight years. back on wall street yesterday, analysts broke out the dreaded "c" word, as in market correction. both the dow and the s&p crossed the crucial 10% threshold, racking up enough losses for the year to qualify by definition as a market correction. hardest hit on the dow, bank of america, dropping 6%. sears was the biggest loser on the s&p, shedding 10%, thanks to a 38% drop in first-quarter profit. adding to investors' anxiety, a surprising spike in weekly unemployment claims, up by 25,000. that's the largest jump in three months. >>> a rare bright spot to tell you about amid the sharp sell-off. initial public offerings

and the nasdaq is up more than 30 points. >> one of the candidates for harper county executive is dead after his suv hit a utility pole. the police say 50-year-old stephen wright from churchville crashed on wheel road in bell air last night. the investigation finds speed was not a factor in the crash but wright was not wearing his seat-belt. he served on the republican committee for the last five years. he is survived by a wife and three daughters. >>> developments in the case of a toddler who transmit add sexually transmitted disease. ron is live in the newsroom. good afternoon, ron. >> city detectives are still investigating a person of interest who contracted gonorea. they are talking about how he got the std. the girl's mother said she left the girl alone with her four children more than three weeks ago. the mother wants the police to make an arrest. the officers say this type of investigation takes time and they are not ready to make any arrests at this time. >> don, back to you. >> thank you very much, ron. >>> they are holding the man on a violation probation which the baltimore

the nasdaq dropped almost 100 and the s&p fell 43. >>> the gnat passed a sweeping overhaul of how the government regulates banks and wall street. the legislation is aimed at preventing a recurrence of the meltdown of big wall street investment banks and the resulting bailout. now the bill must be reconciled with a house version and a negotiator predicts the president could sign it by the 4th of july. the legislation touches on all points in the financial sector from ceos and first time home buyers and small town lenders. >>> jp morgan chase is closing its credit center by the end of the year eliminating 600 jobs. the operations there will be moved to other locations. >>> maryland residents facing foreclosure will have a right to mediation under a new law that governor o'malley signed yesterday. the new rules apply to all foreclosures that begin after june 30 but a court could decide to apply it to close foreclosures already in progress. the hope is to result in more agreements to keep struggling homeowners in their homes. >> thank you. >>> for more "living $mart" headlines log on to o

the nasdaq fell 20 points to close at 2,257. for the week, the dow lost nearly 8%; the nasdaq fell more than 8%. one-time child star gary coleman died today at a hospital in provo, utah. he had suffered a brain hemorrhage. coleman gained fame on the hit tv comedy "diff'rent strokes". it began in 1978 and ran for eight seasons. in later years, he was in ill health from the kidney disease that stunted his growth. gary coleman was 42 years old. those are some of the day's major stories. now, back to jim. >> lehrer: now, the spending bonanza that is the california governor's race. over $90 million has been spent so far, and that's just on the republican primary. gwen ifill reports. >> ifill: as they compete for the chance to be the next republican governor of california, meg whitman and steve poizner agree on at least two things. neither wants to be labeled a liberal. >> there is only one liberal republican on the stage tonight, and it is not me. >> ifill: and neither wants to be linked to the current and now deeply unpopular republi

we're talking about the s&p 500 and the dow and the nasdaq. what does that mean, and could it cause further selling pressure? well, and we were calling a correction of 10% for a long time now. we finally got it yesterday. the market is very scared of everything that's going on right now across the whole world. today, we would like to see the s&p's hold above the 1150 area, would be our smallest support. but, have to hold 1136 in the quarter. if we don't hold 1136 in the quarter, tnt group thinks it's very, very bad. and we do not want to stand in the way of the longs. and we would actually like to get short, underneath that area. and in the long term, we could look for another 10 percent correction down. really? so, you were expecting already a 10 percent correction? we've already seen it from april's highs. and there is a chance though, that we could see further downside pressure, right? right. i mean if you really look across the board, we trade macro. we really look at currencies. we look at risk currencies, we look at the dollar. everything

the nasdaq lost 117 points last week. >>> the federal government is preparing to ban those cribs that have drop down sides. the chairperson at the consumer product safety commission is pledging to ban the manufacturer and sale of those this year. they're blamed for the deaths of at least 32 infants and toddlers since 2000. many big retailers stopped selling them but widely available still online. >>> flying this summer, probably paying extra. airlines have added extra fees for what they call peak travel days. they run from $10 to $30 for each domestic flight. most from june 10th to august 22nd from the surcharges however there are none on the fourth of july when relatively few people fly. >>> before the shrek movie was at the box office, "shrek forever after" was the number one movie. in this the big green guy has a mid-life crisis. it took him in $71.3 million. last week's number one "iron man" was in second place with $26.6 million and "robin hood" was third with $18.7 million. >>> hard to believe shrek is a middle-aged ogre. how the time has passed. >> he has kids and everything. >

the nasdaq gave back 74. >>> lawmakers on capitol hill are pushing closer to an agreement on financial reform. tuesday, senate democrats agreed to drop their provision for a $50 billion bailout fund paid for by big banks. as it stands now, the reform bill would create an independent agency to police lending, and would impose strict controls on complex mortgage-backed investments called derivatives. >>> nissan plans to recall close to 135,000 infiniti g-35 sedans and coupes. the automaker says it needs to fix the car's air bags. an electronic glitch may prevent the air bags from working in a crash. the recall involves g-35 coupes from 2005 to 2007 and sedans from 2005 and 2006. >>> chrysler will offer zero percent financing on most of its 2010 vehicles through june 1st. they're trying to compete with toyota, which has expanded its own incentives. chrysler is one of the few automakers that saw sales rise between march and april. and it says just a day to paint but only eight minutes to sell. picasso's nude green leaves and bust sold at auction tuesday for a record $106.5 million. the num