Dealbreaker

Concerns about the 100 billion euro financial aid package for Spain sank the markets with the Dow plunging 142 points to close at 12,411. Nasdaq plummeted 48 points to 2809.

On the upside

Citi Investment Research analyst Gary Taylor upgraded Community Health Systems (NYSE: CYH) to a Buy rating.

Ampio Pharmaceuticals (Nasdaq: AMPE) reported upbeat results from a clinical trial of its diabetic macular edema treatment Optina.

Kingold Jewelry (Nasdaq: KGJI) stockholders approved hiring Friedman LLP as the company's independent public accounting firm.

On the downside

ModulLink Global Solutions (Nasdaq: MLNK) chief executive Joseph Lawler will retire after a new chief executive is identified. The company also announced that financial reports from fiscal 2009 to the present will be restated and results for its current quarter will be delayed.

Shares of Alpha Natural Resources (NYSE: ANR) continued falling after announcing on Friday the idling of four mines, closure of four mines and lowering of production at other facilities.

Shares of WellCare Health Plans (NYSE: WCG) fell after rival Medicaid insurer Centene (NYSE: CNC) slashed its full year outlook.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 18 points to 751.