Inflation Concerns Drop Stocks

0

Inflation fears sent stocks sliding Tuesday as a jump in wholesale prices overshadowed strong profit reports from several Dow Jones industrials.


The Dow fell 62.84, or 0.6 percent, to 10,285.26. The Standard & Poor’s 500 Index dropped 11.96, or 1 percent, to 1,178.14. The Nasdaq Composite Index slipped 14.30, or 0.7 percent, to 2,056.00.


*

Read the full Associated Press story

.


Among local companies, shares of KB Home lost 3.2 percent to $62.34 and homebuilder Ryland Group Inc. dipped 1.6 percent to $64.38 after a report showed producer prices jumped last month by the most in 15 years, fueling concerns that the Federal Reserve will keep raising interest rates.


Also, Stamps.com Inc. gained 4.1 percent to $17.12, OSI Systems Inc. rose 2.6 percent to $17.17 and shares of Occidental Petroleum Corp. lost 5.1 percent to $71.40.

No posts to display