Updated: Aug 30
Economic data from this morning showed that PPI fell in July. This was perhaps the cause of rally in the morning. It wasn't a sustained rally and all major indices appear to have given up significant gains by the close. Perhaps there was some profit-taking after the most recent run or perhaps the focus shifted to the fact that inflation related to food prices still seems to be out of control. In other news, stocks of GSK, SNY, PFE seemed to be getting beaten up today as there was some -ve news about one of the products (Zantac) they marketed for different intervals in the past couple of decades that might have side-effect of causing cancer and that lawsuit my result in billions of dollars in compensation. Full extent of this impact on these and other companies might uncover in days to come.