Stocks climb, Internet skids

Posted

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.


TALK TO US

If you'd like to leave a comment (or a tip or a question) about this story with the editors, please email us. We also welcome letters to the editor for publication; you can do that by filling out our letters form and submitting it to the newsroom.

Powered by Creative Circle Media Solutions