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The Real Most Active
After hovering above water for most of the morning, the Nasdaq headed south Wednesday after the Fed failed to pack anything extra into its latest interest rate gift.
The composite index slid 65.62 points, or 2.3%, to close at 2772.73. Volume swelled 15% to 2.4 billion shares.
Software firms led the way south, occupying the top three slots in terms of daily losses among IBD's 197 industry groups. Adobe Systems saw some of t
he day's heaviest action, tumbling 9.06, or 17%, to 43.69 as volume nearly quadrupled. That left it at its lowest point since last March. Analysts downgraded the publishing software maker after it said the weakening economy was starting to cut into its sales.
Fellow enterprise software maker PeopleSoft dropped beneath its 50-day moving average, falling 7.94, or 16%, to 41. After Tuesday's close, the firm beat estimates with fourth-quarter operating earnings of 13 cents a share vs. 4 cents last year. But Morgan Stanley cut its rating, citing a high stock price.
National Instruments, which is working its way through a nearly 11-month base, shed 2.88 to 49.25 on double typical trade.