Inflation Fears Send Stocks Sprawling
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Stocks plunged Wednesday after more inflation warnings from Federal Reserve officials unnerved investors.
Three more Federal Reserve Bank presidents echoed Dallas Fed President Richard Fisher's suggestion Tuesday that the Fed plans to continue to raise interest rates to fight inflation.
Coupled with a report showing a slowing service sector with rising prices, the result was a one-sided victory for market bears, with four out of five stocks falling on the NYSE and NASDAQ, and a stunning 90.6% of NYSE volume was to the downside. About the only positive for investors is that such extremes of selling pressure can lead to good rallies (see Technical Analysis: Selling Pressure Turns Extreme).
GoAmerica ADC Telecom Mercury Interactive Extreme Networks Ingram Micro Neoware
soared 68% on a deal with AOL.
fell 13% each on warnings, and Motive
plunged 36% after saying it won't meet financial targets for the rest of the year.
tumbled 14% on a warning and SEC investigation.
climbed 5% on a Bank of America "buy" rating.
climbed 3% on news that it will join the S&P MidCap 400.
edged higher after the company raised guidance, and Sykes
rose 9% after hiking guidance.
ADC Telecom Mercury Interactive Extreme Networks Ingram Micro Neoware
Mercury Interactive Extreme Networks Ingram Micro Neoware