A surprising surge in core inflation along with record crude oil prices sent the markets tumbling to close sharply lower with the Dow skidding 199 points to 12,829. Nasdaq plummeted 24 points to 2492.
On the upside
Sociedad Quimica y Minera de Chile S. A. (NYSE: SQM) and Migao Corp. entered a joint venture to produce and distribute potassium nitrate in China.
Verso Paper (NYSE: VRS) closed its initial public offering after selling only 14 million shares. The company had expected to sell 18.8 million shares.
Smart Modular Technologies (Nasdaq: SMOD) blamed falling memory chip prices for slashing its third quarter outlook.
On the downside
Shares of Micron (NYSE: MU) fell after Lazard Capital analyst Daniel Amir said that the price of flash memory chips will drop.
Workers of American Axle & Manufacturing Holdings (NYSE: AXL) began voting on a four year agreement that could bring an end to a nearly three month long strike.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 736.