Stocks fall yet again

U.S. stocks plummeted on Monday, driving the Dow industrial average to its lowest close in three months, as investors worried that Federal Reserve Chairman Ben Bernanke's tough talk on inflation meant the Fed wasn't done raising interest rates. Monday's sell-off also pushed the Nasdaq down more than 2 percent in its biggest one-day percentage decline since January 20, putting the index back into the "loss" column for the year. The market's breadth was overwhelmingly negative, with almost four stocks falling for every one that rose on both the NYSE and the Nasdaq.

The Dow Jones industrial average tumbled 199.15 points, or 1.77 percent, to end at 11,048.72. The Standard & Poor's 500 Index slid 22.93 points, or 1.78 percent, to finish at 1,265.29. The Nasdaq Composite Index dropped 49.79 points, or 2.24 percent, to close at 2,169.62. The Nasdaq broke below the 2,200 technical level, which analysts said could take the index even lower. Shares of Apple Computer Inc. were the second-worst drag on the Nasdaq. Apple fell 2.7 percent, or $1.66. to $60.

Stocks sharply extended losses after Bernanke, speaking to a group of bankers in Washington, said Fed policy makers will to be vigilant to make sure inflation stays under control even as the economy starts to show a slower pace of growth.

- Meanwhile, the portfolio is hovering at a 38% total gain, down from where it was at 60% before all this stock market mayhem which started on around 16 May. But it's up from a low point of "only" 26% gain at the local minimum (so far). Not too shabby by ordinary standards, but as you might know, I aim for 100%. Or better.

Because, anything less than a massive victory over inflation means that I am forced to continue fighting an ongoing and losing battle.

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