Sign In  |  Register  |  About Burlingame  |  Contact Us

Burlingame, CA
September 01, 2020 10:18am
7-Day Forecast | Traffic
  • Search Hotels in Burlingame

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Inflation Worries Weigh Down Markets

The stock market opened lower following a report of higher wholesale prices in November and a stronger dollar.  Investors worried that the Fed may hike interest rates in order to curb inflationary pressures.  The Dow lost 39 points to 10,461 while Nasdaq gave up 10 points to 2201.

On the upside

Shares of JA Solar (Nasdaq: JASO) climbed after the solar cell maker raised its shipment outlook for the year.

Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) announced plans to repay a combined $45 billion in federal bailout money by issuing new stock and selling assets.

The board of Weyerhaeuser (NYSE: WY) approved the conversion of the forest products giant into a REIT in order to gain favorable tax treatment on income.

On the downside

Best Buy (NYSE: BBY), the nation's largest electronics retailer, posted higher 3rd quarter profits, but warned that margins may be squeezed during this holiday shopping season.

Shares of Elan Corporation (NYSE: ELN) fell while shares of Transition Therapeutics (Nasdaq: TTHI) tumbled after nine deaths were reported among patients taking higher doses of its Alzheimer's disease drug candidate.

Insurer Conseco (NYSE: CNO) announced plans to offer up to 45 million in new shares in order to pay down debt.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 606.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Burlingame.com & California Media Partners, LLC. All rights reserved.