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U.S. stocks down sharply as inflation remains hot
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| Contributor | Ashley |
| Last Edited | Ashley Feb 20, 2008 11:09am |
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| Category | General |
| News Date | Wednesday, February 20, 2008 03:20:00 PM UTC0:0 |
| Description | NEW YORK (MarketWatch) -- U.S. stocks plunged sharply Wednesday, the Dow Jones Industrial Average losing more than 100 points, after consumer prices climbed more than analysts had expected, heightening worries that rising inflation could restrict future interest-rate cuts by the Federal Reserve.
Ahead of the opening bell, the government reported U.S. consumer prices rose a seasonally adjusted 0.4% last month. The core CPI, which excludes food and energy costs, climbed 0.3% in January, the biggest gain since June 2006.
"It doesn't bode well for inflationary concerns; it's a nagging problem for the Fed, which may have to temper some of the expected rate cuts, which is putting on lid on stock prices," said Robert Pavlik, chief investment officer at Oaktree Asset Management.
The Dow Jones Industrial Average fell 104.05 points to 12,233.17, with 26 of its 30 components trading lower. |
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