Stocks ended a three-day rally today with stiff losses as some investors were seen taking profits with the closing of books for February and with inflation worries persisting.Fears of immediate inflation had largely been doused by last week’s consumer price index, which showed that price jumps seen at the wholesale and import levels had yet to reach the retail level.By the close, the Dow was off 75.37, or 0.7 percent, to 10,766.23. The Nasdaq lost 13.68, or 0.66 percent, to 2,051.72, and the S&P 500 was off 7.77, or 0.64 percent, to close at 1,203.60.The drop was also precipitated by a battering to a leading pharmaceutical stock. Biogen Idec, which was named the top stock of the last 10 years by the Wall Street Journal earlier in the day, was off 42.6 percent after the multiple sclerosis drug it co-developed with Elan was withdrawn from the market due to health concerns. Elan was hit even harder, dropping more than 70 percent on the session.Still, from a broader perspective, many stocks managed to post gains for the month. The Dow was up 2.63 percent for the month and the S&P 500 gained 1.89 percent. The tech-heavy Nasdaq, however, lost 0.52 percent.Oil… Read full this story
- Stocks take a tumble
- Stocks stumble amid new Wall Street landscape
- Zuckerman: How to get Americans working again
FINANCIAL NEWS Stocks Plunge on Continued Inflation Worries have 213 words, post on www.technewsworld.com at February 27, 2005. This is cached page on X-Buy. If you want remove this page, please contact us.