Stocks sank as concerns about European politics weighed on the market. New orders for manufactured goods rose 1.8% in December, weaker than a 2.4% increase expected. Also, In Spain, Prime Minister Mariano Rajoy is mired in a corruption scandal amid calls for his resignation from the opposition Socialist Party. McGraw-Hill, the owner of Standard & Poor's, plunged 13.8% after the company said the U.S. Department of Justice would be suing it over favorable ratings tied to mortgage-related securities before the 2008 financial crisis. Facebook fell 5.5%, as the site marked the ninth anniversary since its inception. Dell was down 2.6% despite more reports that the company could go private early this week.Oracle slid 3.0% after the business-software maker said it would buy Acme Packet for $1.7 billion, Acme Packet jumped 24%. Google slid 2.1% after BMO Capital downgraded the stock to market perform, arguing that “investor sentiment has changed materially” given worries about declining cost per clicks and the impact of the Motorola Mobility acquisition. Wal-Mart Stores fell 1.2% after J.P. Morgan Chase downgraded the discount retailer to neutral from overweight. Chevron shed 1.1% after UBS AG downgraded the co. to neutral from buy. Merck declined 2.3% after Morgan Stanley cut the firm to underweight from equal weight.
