DOW INDUSTRIALS DROP 193.87 IN SELLING SPREE.Byline: Nick Olivari Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. News U.S. stocks plunged, led by financial shares, after a government report showing quicker inflation in April triggered concern the Federal Reserve may raise interest rates. J.P. Morgan & Co., Citigroup Inc. and Charles Schwab Charles Schwab can refer to:
``The market says this is a big surprise, and it scares investors,'' who were counting on stable or lower interest rates to keep stocks moving higher, said Dan Eagan, a money manager with BlackRock Inc., which manages $140 billion. The Standard & Poor's 500 Index declined 29.76, or 2.2 percent, to 1337.80, its biggest drop since April 19. The Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. slumped 193.87, or 1.8 percent, to 10,913.32. The Nasdaq Composite Index Nasdaq Composite Index An index that indicates price movements of securities in the over-the-counter market. It includes all domestic common stocks in the Nasdaq System (approximately 5,000 stocks) and is weighted according to the market value of each listed sank 54.11, or 2.1 percent, to 2527.88. Only nine of the S&P 500's 89 groups rose. On the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , 2,419 stocks fell and 663 rose, the broadest decline since Oct. 8. Some 158 stocks fell to 52-weeks lows and 120 reached highs in composite trading, the first time since April 20 that lows outnumbered Outnumbered is a British sitcom that aired on BBC One in 2007.[1] It stars Hugh Dennis and Claire Skinner as a mother and father who are outnumbered by their three children. highs. ``When you sell this fast, it means people want out before the next wave,'' Eagan said. Still, ``I'm not sitting in my chair shaking,'' he said. ``If you own good companies, you're going to have good performance. There are still huge buying opportunities.'' The Dow average dropped 1.1 percent this week. Yesterday, it set a record after a report on producer prices eased inflation concern. The S&P 500 lost 0.5 percent, while the Nasdaq managed to retain a 1 percent advance even after today's decline. Bonds suffered their worst drop since July 1996. The yield on the 30-year Treasury, which moves opposite to the price, soared 17 basis points to 5.92 percent, the highest level since May 15, 1998. CAPTION(S): Photo PHOTO (Color) New York Stock Exchange traders Traders Individuals who take positions in securities and their derivatives with the objective of making profits. Traders can make markets by trading the flow. When they do this, their objective is to earn the bid/ask spread. conduct transactions Friday. Richard Drew/Associated Press |
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