LOU WATERS, CNN ANCHOR: Inflation on main street bringing more deflation to Wall Street. A government report on higher consumer prices has pushed stock prices way down. CNN's Rhonda Schaffler joins us now for a damage assessment -- Rhonda.</s>RHONDA SCHAFFLER, CNN CORRESPONDENT: Hi there, Lou. About the only good thing we can say at this point is the market has at least stabilized at these levels, the Dow industrials off sharply, the Nasdaq, on a percentage basis, off even worse. And the Nasdaq, even before some inflation numbers came out today, was already in the midst of what some were calling bear market territory. The Dow is down 318 points at the moment in heavy volume. At its worst, the Dow was down closer to 390. Pretty much every group of stock getting hit today. Financial stocks especially getting pommeled on this inflation report. And as you might imagine, investors remaining pretty jittery because they have seen in the last couple of weeks some pretty steep sell-offs here. And we're certainly in the midst of another one today -- Lou.</s>WATERS: All right, Rhonda. We'll keep track of that closely throughout the afternoon. Search CNN.com CNNSI.com CNNmoney.com The Web
Consumer Price Report Sends Stocks Plummeting