Markets plunge over possible rate increase

Concerns that the Federal Reserve will increase interest rates next month sent the markets plunging to a sharply lower close with the Dow sinking 179 points to 17,730. Nasdaq plummeted 51 points to 5,095.

On the upside

Isis Pharmaceuticals (Nasdaq: ISIS) reported positive results from a Phase 2 clinical trial of ISIS-APO(a).

Cytokinetics (Nasdaq: CYTK) presented data from a Phase 2 COSMIC-HF trial of omecamtiv mecarbil to treat patients with chronic heart failure.

Bloomberg reported that Canadian Pacific Railway was exploring the possible acquisition of Norfolk Southern (NYSE: NSC).

On the downside

Citron Research tweeted that Mallinckrodt (NYSE: MNK) was worse than Valeant Pharmaceuticals (NYSE: VRX).

Shares of Aegerion Pharmaceuticals (Nasdaq: AEGR) fell ahead of its earnings release after market close.

Shares of LSB Industries (NYSE: LXU) extended its losses.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 tumbled 20 points to 2,078. Bitcoin rose $6 to $373.

Data & News supplied by
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.