U.S. stocks open sharply lower in wide selloff
<<NEW YORK, April 14 (Reuters) - U.S. stocks dropped at Friday's opening in a broad-based selloff, jolted by higher-than-expected inflation that could lead to higher interest rates.
Just minutes after the opening, the Dow Jones industrial average (^DJI - news) was down 163 points, or 1.5 percent, at 10,759 points.
Already deep in bear market territory, the technology-laden Nasdaq composite index (^IXIC - news) fell 88.86 points, or 2.42 percent, to 3,587 points. The Standard & Poor's 500-stock index (^SPX - news) was down 19.63 percent, or 1.38 percent, at 1,420 points.
The Labour Department reported that the Consumer Price Index rose 0.7 percent in March. Economists polled by Reuters had forecast a 0.5 percent gain.
The core rate, which excludes food and energy, rose 0.4 percent, above a forecast rise of 0.2 percent. The increase was the biggest since January 1995.>>
V: Who's selling at these prices? It's not funny this morning...IMO, 'The Houses' need to get their ambassadors (like AJ Cohen) out for press conferences to reassure the investment community...:-)
I'm holding....it's too late to sell...We WILL weather this storm.
Best Regards,
Scott
BTW, look how far CMGI is off its highs....incredible...it will come back....may take some time though. |
