Wall Street: US market plunges over lower-than-expected rate cut

Following the lower-than-expected 50 bp rate cut by FOMC, Dow Jones shed obviously while Nasdaq saw a late rebound. The newly posted CPI indicated increasing inflation pressure.S & P 500 index dropped 20.55 to close at 1122.07; Nasdaq fell by 27.67 to close at 1829.77.Dow Jones underwent pressure all the day after a low opening and was dragged down to close at a day low in negative-mood-dominating market, dealers said.They said blue chips suffered the most selling pressure over the expectation that their prices were over high compared with Nasdaq.Nasdaq saw ups and downs in a small range all the day after recent selling frenzy.US February CPI and Core index both rose by 0.3%, higher than market expectation of 0.2%, while investors reacted little.

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