Markets opened sharply higher on good inflation news, but then decided that if companies aren't passing higher production costs onto consumers, profits must be imperiled. So by the end of the day the Dow was down 119.10, to 7938.88; the Nasdaq was down 23.71, to 1699.66. Remarkable performances: Both Compaq ($.71 a share) and Digital Equipment Corp. ($.11 a share) beat analysts' estimates, yet both were down sharply. Most active: acquisition target MCI, up $1.25 to $38.125 on trading of 30 million shares.
Stocks Plummet
Markets opened sharply higher on good inflation news, but then decided that if companies aren't passing higher production costs onto consumers, profits must be imperiled. So by the end of the day the Dow was down 119.10, to 7938.88; the Nasdaq was down 23.71, to 1699.66. Remarkable performances: Both Compaq ($.71 a share) and Digital Equipment Corp. ($.11 a share) beat analysts' estimates, yet both were down sharply. Most active: acquisition target MCI, up $1.25 to $38.125 on trading of 30 million shares.
