European stocks tumbled, with Spain’s IBEX 35 sliding 5.2%, and Italy’s FTSE MIB losing 4.6%. Overall, the Stoxx Europe 600 dropped 1.3%.
Knight Capital Group (KCG) lost 63% of their share value after annoucing that they had lost $440 million in a mishap with their electronic trading system. The company has lost more than two-thirds of its share value in 24 hours.
Concerns about Europe overshadowed mixed U.S. economic data. The number of workers filing applications for jobless benefits rose to 365,000 last week, a smaller increase than economists had expected, according to a Dow Jones Newswires poll. T
Abercrombie & Fitch (ANF) tumbled after the company lowered its outlook for the year based on lower than expected sales trend. Yelp (YELP) climbed 17% when the site reported a narrower than expected loss in its second quarter.