Markets Tumble on Rate Fears

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NATIONAL

Wall Street skidded lower Wednesday after an upswing in consumer prices intensified investors’ fears that the Federal Reserve will extend its nearly two-year string of interest rate increases. The Dow Jones industrial average suffered its biggest one-day loss in three years, and the Nasdaq composite index turned negative for 2006.


According to preliminary calculations, the Dow sank 214.28, or 1.88 percent, to 11,205.61, a one-month low. The Dow slid as much as 245.51 points earlier and logged its biggest single-session slide since falling 307 points on March 24, 2003. The Standard & Poor’s 500 index lost 21.76, or 1.68 percent, to 1,270.32, its lowest since finishing at 1,262.86 on Feb. 13; the Nasdaq fell 33.33, or 1.5 percent, to 2,195.80, showing a loss for the first time in 2006.






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LOCAL

Reinhold Industries Inc. dropped 8 percent to $15.01. OSI Systems Inc., which reported earnings Monday, fell 7 percent to $19.06. CB Richard Ellis Group Inc. lost 6 percent to $8.14. Entraviaion Communications Corp., which held its annual business review day on Wednesday, dropped 6 percent to $8.14.

Napster Inc. added 7 percent to $3.93. SCPIE Holdings Inc. rose 6.8 percent to $22. Capstone Turbine Corp. gained 3.6 percent to $3.20. Overhill Farms Inc., which announced that a new $47.5 million senior secured credit facility had been funded, rose 1.6 percent to $3.21.

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