Stocks Fall on Continued Inflation Fears

  • April 11, 2007
  • Darren Wong

The major U.S. indices fell after today’s Fed
minutes indicated further concern over inflation.  All three
major indices fell 0.7%.   

Crude futures for May delivery
added $0.14 to close at $62.03 per barrel. 
June gold futures closed higher by $0.30 to $681.80 an ounce.

Around Europe, France’s CAC 40 Index moved lower
by 0.25% to 5,751.92, Germany’s DAX lost 0.2% to 7,152.83, and the
U.K.’s FTSE 100 Index fell 0.07% to 6,413.30.



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Stocks in
Motion

Higher Aluminum Prices Add Luster To Alcoa’s
(
AA |
Quote |
Chart |
News |
PowerRating) Q1
Results (full
story).  AA shares added 0.5%.

Citi
(
C |
Quote |
Chart |
News |
PowerRating)
To Axe 17K Jobs; Sees $1.38 Bln Pre-tax Charge In Q1, $2.1 Bln Savings In FY07 (full
story).  C shares fell by 1.2%.

Target
(
TGT |
Quote |
Chart |
News |
PowerRating) March Comp. Rises 12%, Sees Decline In
April Comp. (full
story).  TGT shares lost 1.4%.

Tractor Supply
(
TSCO |
Quote |
Chart |
News |
PowerRating) Q1 Sales Rise 20%,
Same-store Sales Up 8.5%; Gives Q1 EPS View; Lifts FY07 Forecast (full
story).  TSCO shares jumped nearly 11%.

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

Market Snapshot

Dow

 -89.47 12,484.38

NASDAQ

 -18.30 2,459.31

S&P 500

 -9.52 1,438.87

 

 NYSE NASDAQ

Volume

 2,862,282,000 1,923,888,000

Advances

 1040 1024

Declines

 2195 1999

Up Volume

 808 493

Down Volume

 1772 1314

New Highs

 181 107

New Lows

 28 71



Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Amex Airline Index (XAL) Dow Jones Equity REIT (DJR)
Morgan Stanley Healthcare Products Index (RXP) Nasdaq Telecom Index (IXTCX)
Morgan Stanley Healthcare Providers Index (RXH) Amex Gold Bugs Index (HUI)


Economic
News

FOMC says housing demand
‘leveling out,’ no subprime spillover

Fed minutes
still project economic pickup later this year

Fed minutes say all FOMC members agreed predominant policy
concern remains inflation

EIA reports that Crude inventories rose by 678K barrels

Darren Wong

Associate Editor

darrenw@tradingmarkets.com