NATIONAL
Stocks dropped for the second straight session Tuesday, with the Dow Jones industrial average falling to its worst close since March 9. Global markets also sold off as inflation fears worsened.
The Dow lost more than 110 points in midday trading before narrowing its loss later in the session. The index dropped nearly 200 points Monday after Federal Reserve Chairman Ben Bernanke spooked Wall Street by saying that the central bank will remain vigilant in fighting inflation.
According to preliminary calculations, the Dow fell 46.58, or 0.42 percent, to 11,002.14. The Dow fell 199.15 points, or 1.77 percent, during Monday’s session. Broader stock indicators were also lower. The Standard & Poor’s 500 index fell 1.44, or 0.11 percent, to 1,263.85, and the Nasdaq composite fell 6.84, or 0.32 percent, to 2,162.78.
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LOCAL
Electronic Clearing House Inc. dropped 8 percent to $14.31. CB Richard Ellis Group Inc. fell 5 percent to $24.46. Magnetek Inc. lost 5 oercent to $2.55. Artistsdirect Inc. fell 5 percent to $3.60. Firstfed Financial Corp. was down 4.6 percent to $55.45. Napster Inc. lost 4.5 percent to $3.16. Ryland Group Inc. lost 4.5 percent to $43.44. National Technical Systems Inc. fell 4.4. percent to $7.68.
Overhill Farms Inc., wihich was rated a “buy” in new coverage by analyst Anton Brenner at Roth Capital Partners, with a target price of $4.50 a share, jumped 8.5 percent to $3.31. MRC Communications Inc., which announced a new ethernet product, rose 3.8 percent to $3.23. North American Scientific Corp. rose 3.7 percent to $1.96.
