Author: Elena Todorova
123jump.com
Last Update: 11:34 AM EST February 28 2006

Concerns over inflation and further interest-rate hikes sent stocks lower as the government released its second reading of Q4 GDP which showed economy grew at slightly faster rate. The GDP figures were up to 1.6% from 1.1%, meeting expectations. The GDP deflator rose at an annualized pace of 3.3%, above the estimated 3% increase. Apollo cut its Q2 profit and revenue forecast and suspended its 2006 outlook. Google dropped after CFO reported the company develops at slower pace.