Why Franklin Resources Stock Plummeted on Tuesday
Money-management company Franklin Resources (NYSE: BEN) was down big on Tuesday, falling as much as 7.2% at approximately 12:47 p.m. ET. By 1:15 p.m. ET, it was still down roughly 6.8%, trading at around $24.93.
It was bad day for the markets -- at least in the morning session. The Dow Jones Industrial Average was down roughly 840 points at 1:15 p.m. ET, a 2.6% drop, while the S&P 500 was down 2.9%, and the Nasdaq dropped 3.8%.
The markets were down overall on worse-than-anticipated inflation news. The U.S. Bureau of Labor Statistics released its Consumer Price Index (CPI) for August, which showed inflation rose slightly, up 0.1% to 8.3%, compared to July. While it was down year over year from last month, when it was 8.5%, it was above the 8.1% that had been estimated.
Source Fool.com
