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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Mar 22, 2001
Page
5
Consumer prices rose 0.3 percent in February led by higher food and prescription drug costs while energy prices fell. The gain followed a 0.6 percent January jump and comes as analysts penciled in a 0.2 percent rise. The Fed cut rates again the day before, the third half point reduction since January, with economists expecting further relief.
New York stocks declined sharply as the Federal Reserve cut rates by 0.5 percentage point, prompting investor disappointment and a continued Dow drop to 9,487.00 on the session. The Nasdaq fell to 1,830.23 and the S&P 500 slid to 1,122.14 as traders sought a bigger boost for a slowing economy and weak corporate profits. The Dow’s nine-session loss neared 1,371 points, underscoring broad market pessimism and tech-stock spillover effects.
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