Surging gold and energy prices dragged stocks lower Monday as inflation fears curbed Wall Street's enthusiasm over solid first-quarter earnings from financial services firm Citigroup Inc. The Dow is at its lowest level since closing at 10,972.28 on March 9.
According to preliminary calculations, the Dow Jones industrial average dropped 63.87, or 0.57 percent, to 11,073.78, after opening the day in positive territory. The Standard & Poor's 500 index fell 3.79, or 0.29 percent, to 1,285.33, and the Nasdaq composite index sank 14.95, or 0.64 percent, to 2,311.16.
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Among top local movers was Occidental Petroleum Corp., which CNBC host Jim Cramer recommended on his most recent "Mad Money'' television show. the company gained 5 percent to $101.25. True Religion Apparel Inc., which rose nearly 5 percent to $18.41, earlier was raised to "buy" from "hold" by analyst Jeff Mintz at Wedbush Morgan Securities, with a 12-month price target of $22. Film industry software provider DTS, Inc., which announces that it had finalized its acquisition of Digital Booking Systems, added 4.5 percent to $18.08. Gemstar-TV Guide International, Inc., which announced the hiring of a new chief financial officer, closed up 4 percent to $3.39.
Losing ground was Crown Media Holdings Inc., owner of Studio City-based Hallmark Channel, which fell 15 percent after announcing it had decided against selling itself. Rotonics Manufacturing Inc. dropped 8 percent to $3.15 after reporting that third quarter earnings fell 53 percent to $161,000, or 2 cents per share. Napster Inc. was down 5.4 percent to $4.20, Emack Worldwide Inc. dropped 4.5 percent to $7.79 and Mattel Inc. slid 3 percent to $16.65.
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