Stocks climb, Internet skids
NEW YORK (AP) -- Soothing words from Federal Reserve Chair Janet Yellen helped pull the stock market out of a morning slump Wednesday. But Internet companies and Whole Foods Market plunged, taking the Nasdaq down.
Traders dropped NetApp, salesforce.com and other tech companies for a second day running, sending their stocks down 2 percent or more. Whole Foods plunged 19 percent after cutting its profit forecast.
Yellen told the Joint Econ-
omic Committee of Congress that a tough job market and weak inflation meant that the Fed will likely keep borrowing rates low for a "considerable time." As a result, she said, the economy still needed the Fed’s help.