Back to the drawing board for W.... in crayons I suppose
Dow sinks to 2005 low as inflation fears rise
NEW YORK (AP) — Blue-chip stocks tumbled to fresh 2005 year lows Wednesday as a jump in consumer prices fanned inflation fears and overshadowed better-than-expected earnings from companies such as Caterpillar and Intel.
According to preliminary results, the Dow closed down 115.05, or 1.14%, at 10,012.36. The Dow last closed below 10,000 on Oct. 26.
Broader gauges were also lower. The Standard & Poor's 500 index slid 15.28, or 1.33%, to 1,137.50. The Nasdaq composite index lost 18.60, or 0.96%, to 1,913.76.
With 1,200 companies releasing earnings this week, investors have plenty of corporate news to sift through, but the economy remains in the spotlight. Stocks sank after the release of the Federal Reserve's "Beige Book" survey, which reported expansion of business activity from late February to early April, but "uneven progress" in some parts of the country, and higher inflation.