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
Smart Modular Technologies (Nasdaq: SMOD) blamed falling memory chip prices for slashing its third quarter outlook.
On the downside
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.