Mid-Afternoon Market Update: Explosions Rock Downtown Boston, Authorities Unsure if Explosive Devices

Toward the end of trading Monday, the Dow traded down 1.26 percent to 14,677.61 while the NASDAQ dropped 2.14 percent to 3,224.64. The S&P also fell, declining 1.78 percent to 1,560.60.

The S&P 500 looks to be finding support today at 1580, with 1,595 acting as resistance above that. Next up, the Dow is finding support at 14,800, while 14,900 above looks to be acting as resistance. The NASDAQ has support at 3,270 with 3,310 as resistance above. Finally, the Russell looks to find support at its 20 EMA at 937.22, with 950 as resistance above that.

Explosions rocked downtown Boston during the end of the city's iconic marathon. Reportedly originating from a pair of trashcans, authorities are currently unsure if the explosions were gas related or from explosive devices. Word has also gotten out of up to ten more “suspect devices”

Sprint Nextel

shot up 14.15 percent to $7.10 after Dish Network

offered to acquire the company in a $25.5 billion deal. Shares of Life Technologies

got a boost, shooting up 7.50 percent to $73.10 after Thermo Fisher

announced its plans to buy the company for $13.6 billion. Acorda Therapeutics

was also up, gaining 11.96 percent to $35.29 on Ampyra study.

New Gold

traded down 14.58 percent to $6.62 as plummeting gold prices dragged the name down. Shares of Walter Energy

were also down, falling 13.44 percent to $20.87 on the poor Chinese economic data this morning. First Majestic Silver

shares tumbled 11.37 percent to $12.40. First Majestic's total production at its five operating mines in Mexico surged 36% y/y in the first quarter.

In commodity news, oil traded down 2.76 percent to $88.77, while gold traded down 9.20 percent to $1,363.30. Silver traded down 10.14 percent Monday to $23.36, while copper fell 2.07 percent to $3.28.

European shares traded lower following the Asian weakness creating global growth fears. The eurozone's trade balance for February grew to 10.4 billion euros from a downwardly revised 4.7 billion euro deficit in January, better than forecasts of a 3 billion euro surplus. The Spanish Ibex Index fell 0.33% while the Italian FTSE MIB Index dropped 0.96 percent. Meanwhile, the German DAX fell 0.41 percent and the French CAC dropped 0.50 percent and U.K. shares declined 0.64 percent.

The New York Fed's Empire State index declined to 3.1 points in April, versus estimates of a 7.8 reading. The NAHB housing-market index declined to 42 in April, versus 44 in March. However, economists were expecting the index to gain to 46 in April. The Treasury is set to auction 3- and 6-month bills.