Stocks Plunge Following Fed Inaction
Stocks plunged across the board on Wednesday, continuing a sell-off that began when the Federal Reserve failed to lower interest rates on Tuesday.
The ISDEX
Only one of 50 ISDEX stocks traded higher. VerticalNet
An earnings warning from Foundry Networks
Even good news couldn't save stocks. TIBCO
eBay
AnswerThink
Some technical comments on the market: Note: We are now including charts in the technical market commentary. If you can't get the charts via the e-mail newsletter version, try this link: http://www.afterhourstrading.com/column.html
The Nasdaq is just about at the 1990 logarithmic trendline at the 2350 level, give or take 50 points. We can't get the monthly charts to update intraday today, but we should be just about at that line. If we don't hold above 2300, the next stop is likely to be under 2200.
plummeted 42 to 334, more than 11%, and the Nasdaq plunged 151 to 2360, both new 52-week lows. The S&P 500 fell 31 to 1273 and the Dow dropped 172 to 10,412. Volume surged to 615 million shares on the NYSE and 1.2 billion on the Nasdaq. Decliners led by 17 to 9 on the NYSE and 30 to 7 on the Nasdaq. For earnings reports, visit our earnings calendar and reported earnings. For after hours quotes and news, visit our after hours trading site.
rose 3/32 to 5 5/8 after winning a contract from Commerce One
, which plunged 8 to 23. Ariba
fell 8 1/8 to 51 1/8 after testing support at 49.
and an earnings miss from Jabil
hit infrastructure stocks hard. Foundry plunged 17 5/16 to 13 5/16, Juniper Networks
lost 11 3/4 to 102, Cisco
lost 5 1/16 to 36 11/16, and Extreme Networks plummeted 15 5/16 to 33 1/4. Merrill Lynch downgraded Cisco and CS First Boston said fund manager sentiment is so negative that Cisco could be headed to the mid-20s.
fell 4 1/4 to 40 1/16 after the company's 10-cent earnings beat estimates by 3 cents.
fell 4 1/4 to 28, a new 52-week low. Yahoo
, off 7/8 to 27 1/8, and Amazon.com
, off 1 9/16 to 16 11/16, also hit new yearly lows.
lost 15/16 to 3 1/16 on an earnings warning.