Markets Slide on Infationary Fears

  • March 16, 2007
  • Darren Wong

Stocks closed lower as inflationary
data decreases odds of a Fed interest rate cut.  Please note
that the Fed will be meeting on Tuesday March 20th.

Crude for April delivery closed
lower by 0.8% to $57.11 per barrel. 
Gold futures gained 1.1% to $653.90 an
ounce as the U.S. dollar continues to slide.

Around Europe, the U.K.’s
FTSE 100 index declined 0.04% to 6,130.60, while France’s CAC 40
slipped 0.14% to 5,382.16 and Germany’s DAX index fell 0.09% to
6,579.87.

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Stocks in
Motion

Pacific Sunwear
(
PSUN |
Quote |
Chart |
News |
PowerRating) Q4 Profit
Declines 80%, Net Sales Up 7.8% (full
story).  PSUN shares rose by 8%.


Aeropostale
(
ARO |
Quote |
Chart |
News |
PowerRating) Q4 Earnings Rise, Top Estimate; Sees Higher Q1
Earnings; Boosts Share Buyback (full
story).  ARO shares closed flat.

Coventry Health Care
(
CVH |
Quote |
Chart |
News |
PowerRating) Lifts FY07
Forecast (full
story).  CVH shares closed lower by 1.6%..

Tektronix
(
TEK |
Quote |
Chart |
News |
PowerRating) Q3 Non-GAAP Earnings
From Continuing Operations Rise; EPS Beats View; Declares Dividend; Guides Q4 (full
story).  TEK shares fell by 2.6%.

For more stories as they happen, go to our
Breaking News section.

Market Snapshot

Dow

 -49.27 12,110.41

NASDAQ

 -6.04 2,372.66

S&P 500

 -5.33 1,386.95

 

 NYSE NASDAQ

Volume

 3,469,278,000 2,022,726,000

Advances

 1233 1163

Declines

 1997 1817

Up Volume

 983 795

Down Volume

 2036 1073

New Highs

 83 60

New Lows

 29 79



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Amex Gold Bugs Index (HUI) S&P Chemicals Index (CEX)
Morgan Stanley Healthcare Payors Index (HMO) Amex Airline Index (XAL)
Morgan Stanley Healthcare Providers Index (DRG) Amex Securities Broker/Dealer Index (XBD)


Economic
News

Industrial Production 1.0 vs
+0.3% consensus

Capacity Utilization 82.0 vs 81.3%
consensus

CPI y/y 2.4 vs 2.3% Bloomberg consensus

CPI m/m +0.4 vs +0.3% consensus

Core CPI 2.7 y/y vs 2.7% Bloomberg consensus

Core CPI m/m +0.2 vs +0.2% consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com