And traders concluded that the Fed was less likely to continue its policy of tight money beyond perhaps one more increase in short-term rates.
At the time, traders and analysts concluded that an official adoption was all but certain.
Prices of lumber futures fell sharply as traders concluded that higher interest rates would slow housing construction.
Stock prices fell across a broad front yesterday as traders concluded there was no possibility of an imminent cut in interest rates.
With the positive price and retail sales news, traders concluded, at least for now, that future inflation, too, would be mild.
So, traders concluded that buyers were assuming that the Fed would raise its 3 percent interest rate target.
Warner's share price could recover, of course, if traders conclude that this week's problems in the junk market are only temporary.
It recovered much of the loss as traders concluded the rumor was groundless.
Oil prices fell sharply as traders concluded that a military confrontation with Iraq was unlikely anytime soon.
Energy prices sank as traders concluded that demand may be too weak.