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Markets sink on Powell's comments

Comments by Federal Reserve chair Jerome Powell sparked speculation that the Fed will increase rates four times this year. The markets plunged to close sharply lower with the Dow crashing 299 points to 25,410. Nasdaq plummeted 91 points to 7330.


On the upside


Bargain hunters lifted shares of Intelsat (NYSE: I).


Mallinckrodt (NYSE: MNK) swung to a greater than expected profit for the fourth quarter.


Underwriters of Stonebridge Biopharma's (Nasdaq: SBBP) public offering of 5 million common shares have partially exercised their option to purchase an additional 255,683 shares of ordinary stock.

On the downside


Akcea Therapeutics (Nasdaq: AKCA) reported a greater than expected loss for the fourth quarter.


Lantheus Holdings (Nasdaq: LNTH) reported sharply higher fourth quarter earnings and appointed Gary J. Pruden, Kenneth J. Pucel and Dr. James H. Thrall to its Board of Directors but the stock price plunged.


NutriSystem (Nasdaq: NTRI) reported higher fourth quarter earnings but the weight loss company forecast 2018 results below expectations.


In the broad market, declining issues outpaced advancers by a margin of 7 to 2 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 plunged 35 points to 2,744. Bitcoin leaped $402 to $10,775.


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