Slowdown Of Stimulus Sends Stocks Stumbling

The Federal Reserve's announcement that economic stimulus measures would decrease later this year sent the markets tumbling to a sharply lower open with the Dow sinking 235 points to 14,876. Nasdaq plunged 48 points to 3395.

On the upside

Finisar (Nasdaq: FNSR) reported lower fourth quarter earnings but the results were better than expected and the fiber optics company forecast current quarter results ahead of estimates.

Celsion's (Nasdaq: CLSN) Phase III HEAT Study results were reviewed at the 2013 European Conference on Interventional Oncology.

Tesla Motors (Nasdaq: TSLA) continued rising after voluntarily recalling 1,228 Model S electric vehicles due to a rear seat mounting bracket defect.

On the downside

Ebix (Nasdaq: EBIX) and Goldman Sachs (NYSE: GS) cited a federal investigation into allegations of misconduct by Ebix for terminating a merger agreement between the two companies.

FuelCell Energy (Nasdaq: FCEL) priced its offering of senior convertible notes.

Progenics Pharmceuticals (Nasdaq: PGNX) priced its public offering of 8.5 million common shares at the discounted price of $4.40 per share.

In the broad market, declining issues outpaced advancers by a margin of more than 13 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The broader S&P 500 index plummeted 25 points to 1603.

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