Stocks slid Tuesday as strength in the commodities market fed inflation fears and dampened investors' enthusiasm over upbeat first-quarter earnings from Dow Jones industrial Alcoa Inc.
According to preliminary calculations, the Dow dropped 51.70, or 0.46 percent, to 11,089.63, its lowest close since finishing at 11,076.02 on March 13. The Standard & Poor's 500 index lost 10.05, or 0.78 percent, to 1,286.57 - also a one-month low - and the Nasdaq composite index fell 22.92, or 0.98 percent, to 2,310.35. Bonds rebounded from last week's plunge, with the yield on the benchmark 10-year Treasury note slipping to 4.93 percent from 4.96 percent late Monday. The dollar was mostly lower against most major currencies; gold prices lingered near $600 per ounce.
Top local movers were lead by aerospace components maker Hi-Shear Technology Corp., which jumped 44 percent to $5.45 on news that fiscal
third-quarter profit soared to 11 cents a share from 3 cents a year earlier. Other gainers included Trio-Tech International, up 4.7 percent to $7.55. Rotonics Manufacturers Inc., rose 4.4 percent to $3.34 and Sports Chalet Inc., was up 3 percent to $8.34 and True Religion Apparel gained 2.8 percent to $17.61. On the down side, Chad Therapeutics Inc. dropped 9.25 percent to $2.65, Reinhold Industries slid 8.5 percent to $10.16, Arrowhead Research Corp. was down 8 percent to $15.52, and Napster Inc. fell 7.8 percent to $3.89.
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