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Markets fell after major disappointment in Europe.
But first, your scoreboard:
Dow: 12,878; -92 pts; -0.7%

NASDAQ: 2,909; -9 pts; -0.4%

S&P 500: 1,365; -10 pts; -0.7%

Now for your top stories:

  • European Central Bank disappointed investors today by failing to announce any tangible new measures to address rising Spanish and Italian borrowing costs. Analysts had expected more from ECB President Mario Draghi, who hinted last week that big plans were in the works. The ECB also decided to hold its interest rate target steady at 0.75 percent. 

  • European markets had a terrible day today in the wake of the Draghi disappointment. The Spanish IBEX 35 and Italian FTSE MIB led losses, falling 5.16 percent and 4.64 percent after an early rally. Yields on 10-year bonds for these countries also shot higher.

  • Data from Challenger, Gray, and Christmas showed that layoffs fell to their lowest level since April 2011, with 36,855 workers losing their jobs in July. This decline could be caused in part by seasonal declines in layoffs, the report noted, qualifying that any decline in layoffs is a positive sign. 

  • Shares of Knight Capital announced that yesterday's trading glitch had cost it $440 million, "severely impact[ing]" the company's capital base. Shares fell 63 percent today. 


  • Initial jobless claims rose by 8,000 today to 365K, but the datapoint beat analyst expectations for claims to rise to 370K.

  • Factory orders fell by 0.5 percent in June, missing expectations for 0.5 percent growth. This suggests a worse-than-expected decline in demand for new goods, as retailers focus on exhausting inventory.

  • Facebook stock fell below $20 per share today, continuing its slow, downward momentum since its May IPO.