The S&P 500's Biggest Movers

After two straight weeks of gains, the S&P 500 fell 3.6% last week to 1,076.76 amid weak economic data and as Congress reached an agreement on financial reform. China's move to ease its currency's peg to the dollar did little to keep markets buoyant.

Pops and drops
Here are the five biggest S&P 500 increases and five biggest S&P 500 drops of last week (measured Friday close to Friday close):

Winners:

Source: Capital IQ (a division of Standard & Poor's).

Losers:

Source: Capital IQ.

A closer look
Shares of Darden Restaurants slipped after the operator of the Olive Garden, the Red Lobster, and the LongHorn steakhouse chains reported fiscal fourth-quarter earnings that fell short of analysts' expectations. Charges associated with gift card redemptions were greater than expected, and the chains' combined same-store sales slid 2.3% in the quarter, as consumers remained cautious. Still, the company's fiscal 2011 earnings projection were above analysts' consensus estimate, with management saying it expects same-store sales to rise 2% to 3% for fiscal 2011 as the economy improves and discounting drops.

Besides Darden Restaurants there wasn't much in the way of stock-specific news last week. Retailers J.C. Penney and Macy's were under pressure after a weak read on housing data that furthered investors' concerns about the durability of the recovery. This comes on the heels of cautious reports from both J.C. Penney and Macy's in mid-May.

On the flip side, shares of Moody's rallied after lawmakers finally reached a compromise on financial reform that is more benign than initially thought for ratings agencies. Still, the ratings firms could be subject to more lawsuits.

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