Inflation, and what the US Federal Reserve Bank bank may do to combat it, spooked equity markets into a deep slump yesterday, as those bothering to show up for trading chose overwhelmingly to sell.
Losers carried the day, led by semiconductor, telecommunications, brokerage and Internet stocks.
The Nasdaq composite dropped 148.28 points, or 4.19 per cent, to close at 3,390.43, while the Dow Jones Industrial average skidded 150.43, or 1.40 per cent, to 10,626.80.
The Standard & Poor's 500 index ended 30.26 points, or 2.11 per cent, lower at 1,406.95, and the Wilshire 5000, which reflects nearly the entire U.S. equities market, was off 299.62 points, or 2.26 per cent, at 12,980.98.
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