Doherty at the Close 7.31.2012

In earnings news, Dendreon slumped -22.9% after the biotechnology company reported a wider-than-expected second-quarter loss and said it was reducing its workforce by more than 600 employees over the next year as part of a restructuring aimed at cutting costs by $150 million a year.

European markets fell, with the Stoxx Europe 600 losing -1%, as weak data and disappointing earnings reports weighed on sentiment, offsetting expectations of new stimulus measures from the Fed and European Central Bank.