Stocks fell Tuesday amid rising oil prices and concerns that the Federal Reserve will continue raising interest rates to stem inflationary pressures.
The Dow Jones Industrial Average lost 46 and change to close at 1,169. The Nasdaq Composite Index was down nearly 20 points to 2,262, and the S & P; 500 dropped more than four points, closing at 1,283.
Among Los Angeles-area movers, WPT Enterprises Inc., creator of the World Poker Tour, gained 7.6 percent to $6.50 after announcing that the Foxwoods Resort Casino in Massachusetts would brand its newly expanded poker room under the World Poker Tour name. The Foxwoods casino, which dubs itself the world's largest resort casino at 5 million square feet, has staged several tour events over the past four years.
National Lampoon Inc. rose 2 percent to $3.02 after announcing the launch of Toga!, a 24-hour on-demand online video service. The broadband channel will feature programming from National Lampoon's motion pictures, DVD titles and television programming.
Among local losers was Adstar Inc., which fell 12.8 percent to $1.96. The Marina del Rey provider of e-commerce software for the advertising and publishing industries saw its share plunge after disclosing it had completed the sale of 1 million shares of the company's common stock to a single, accredited institutional investor for gross proceeds of $1.65 million.
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