Stocks closed sharply lower, capping only the second-four day losing streak this year for the Dow and the S&P 500. At the closing bell, the Dow was down 131 points, or 1 percent, to 12,930. The S&P fell 16 points, while the Nasdaq shed 33 points.
- Facebook is spending $1 billion to buy photo-sharing app developer Instagram in the social network's largest acquisition ever. Instagram lets people apply filters to photos they take with their mobile devices and share them with friends and strangers. Some of the filters make the photos look as if they've been taken in the 1970s or on Polaroid cameras.
- Billionaire investor Carl Icahn is suing Amylin Pharmaceuticals, saying he and other shareholders should get more time to nominate candidates to the diabetes drug maker's board of directors. Icahn says Amylin is "at a crossroads" and stockholders deserve a chance to nominate new directors. The activist investor said he wants to nominate directors who will listen to offers for the company and accused the current board of diluting the value of Amylin shares. His suit was filed in a Delaware court.
- A former owner of what was once among the nation's largest marketers of auto service contracts has pleaded guilty to federal charges, marking his second guilty plea in four days. Darain Atkinson pleaded guilty to conspiracy to commit mail and wire fraud, and filing false tax returns. Sentencing is July 12. He and his brother were co-founders of US Fidelis, which collapsed in 2009 and has since filed for bankruptcy protection.
- The benchmark price of oil settled lower today. West Texas Intermediate crude fell 85 cents to end at $102.46 per barrel.