U.S. Stocks: Wednesday's Triple-Digit Loss

U.S. stock indexes closed lower, resuming their losses after the Boston Police Department disputed various media reports that a suspect in the marathon bombings had been arrested.

Prior to that, stocks experienced some lift when reports that a subject had been captured coincided with the release of the Federal Reserve's Beige Book that said the U.S. economy was growing at a "moderate" pace. Earlier in the session, however, stocks were lower, pressured since before opening bell by disappointing earnings from Bank of America (BAC) and Yahoo (YHOO).

BAC reported Q1 earnings of $0.20 per share on revenue of $23.7 billion. Analysts polled by FactSet were expecting Q1 EPS of $0.22 on revenue of $23.26 billion. Yahoo reported a Q1 revenue shortfall Tuesday after the close. The company posted Q1 GAAP revenue of $1.14 billion and revenue ex TAC of $1.07 billion, vs. the analyst consensus of $1.10 billion on Capital IQ. GAAP EPS was $0.35 while non-GAAP EPS was $0.38, vs. Street estimates of $0.25 per share. YHOO shares have pared earlier losses, and are down only 0.5% at $23.67.

Commodities finished mostly lower. Oil futures shrugged off a larger-than-expected fall in inventories and shed $2.04 to close at $86.68 a barrel. Copper closed at $3.188 per lb; its lowest close since Oct. 2011, and gold shed 0.3% after a range bound session.

Here's Where The Markets Stood At Day's End

• Dow Jones Industrial Average down 138.19 (-0.94%) to 14,618.59
• S&P 500 down 22.56 (-1.43%) to 1,552.01
• Nasdaq Composite Index down 59.96 (-1.84%) to 3,204.67

• Nikkei 225 Index up 1.22%
• Hang Seng Index down 0.47%
• Shanghai China Composite Index down 0.04%
• FTSE 100 down 1.06%.
• DAX down 2.3%.
• CAC 40 down 2.3%

• (+ ) ACUR, Shares skyrocket after the FDA says the development of abuse-deterrent opiod analgesics should be a public health priority. Acura Pharmaceuticals was awarded a patent claim for abuse deterrent drugs on April 4.
• (+) ALKS, Reports positive results from a phase 2 study of ALKS 5461, its novel drug compound for major depressive disorder (MDD) in patients who have an inadequate response to standard therapies for clinical depression. ALKS 5461 reflects a new approach to the treatment of MDD based on modulation of opioid receptors in the brain and is designed as a non-addictive, oral, once-daily medicine.
• (+) CUR, Says the FDA has approved the Phase II trial for NSI-566, human neural stem cells, used in the treatment of Amyotrophic Lateral Sclerosis (ALS), also known as Lou Gehrig's disease.

• (-) MHR, Dismisses auditor PricewaterhouseCoopers and says an audit of its fiscal 1012 financials is not complete, Seeking Alpha reports, citing an SEC filing from April 10.
• (-) INWK, falls after the global print management and promotional solutions provider lowered its FY13 guidance and issued a weak Q1 outlook late Tuesday. INWK revised its FY13 outlook, now expecting revenues of $900 million - $930 million, down from the prior guidance range of $930 million - $960 million. Analysts are looking for revenues of $944.47 million, according to Capital IQ. The company expects FY13 GAAP EPS of $0.45 - $0.50, versus the analyst estimate of $0.58.
• (-) EOPN, Reported Q4 revenue of $18.1 million, an increase of 6% compared to $17.0 million for the Q4 2012. Analysts were expecting $19.7 million in revenue for Q4.