Interest Rate Concerns Sink Stocks
Concerns that interest rates will rise to dampen the economic recovery sent the markets tumbling to a lower close with the Dow plunging 173 points to 8300. Nasdaq dropped 19 points to 1731.
On the upside
Lazard Capital Markets analyst Dr. Sean Lavin upgraded Sequenom (Nasdaq: SQNM) citing the company's attractive stock price.
Angiotech Pharmaceuticals (Nasdaq: ANPI) and Boston Scientific (NYSE: BSX) received approval from the Food and Drug Administration for their next generation TAXUS Liberte Atom stent system.
Coeur d'Alene Mines (NYSE: CDE) completed its 1-for-10 reverse stock split .
On the downside
Goodyear Tire & Rubber (NYSE: GT) will no longer produce consumer tires at its Amiens, France plant.
US Airways (NYSE: LCC) will raise capital by doubling the number of shares.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 10 points to 489.
