Sprint Tumbles on Moody's Cut; Stocks Jump Ahead of Fed Decision

Sprint (S) tumbled Wednesday after Moody's cut the mobile carrier's credit rating to B3, six levels below investment grade. The ratings agency said 'brutal competition' in the U.S. mobile industry would put pressure on even the strongest carriers. Stocks closed higher after weaker consumer inflation supported the case for the Federal Reserve to delay a rate hike at its September meeting. The Dow added 140 points to close the session. Ascena Retail (ASNA) made its biggest intraday move in two years on Wednesday after topping profit and sales estimates in its recent quarter. The better-than-expected quarter was driven by increased sales at its Maurices clothing chain.