& #8226; National
Stocks fell Tuesday after the Federal Reserve, raising interest rates for the 14th time in nearly two years, failed to give Wall Street a clear signal on when those rate hikes would end.
The Dow Jones Industrial Average fell 35.06, or 0.3 percent, to 10,864.86. The S & P; 500 dipped 5.12, or 0.4 percent, to 1,280.08. The Nasdaq Composite Index lost 0.96, or 0.04 percent, to 2,305.82.
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& #8226; Local
Local movers were led by Occidental Petroleum Corp., which gained 3.4 percent to $97.71, Cogent Inc., which rose by 8.6 percent to $24.03, and Guitar Center Inc., which climbed 3.7 percent to $53.68. On the down side, KB Home slipped 1.7 percent to $76.20 and American States Water Co. fell 6.6 percent to $31.50.
Shares of Diodes Inc. rose 5.6 percent to $37.04 after the Westlake Village-based discrete semiconductors maker’s stock was rated “buy” in new coverage by FTN MidWest Research. The price target was set at $45 per share.
IHOP Corp. lost 8.1 percent to $49.17 after the stock rating for the Glendale operator of pancake restaurants was downgraded to “market perform” from “outperform” by Raymond James. Earlier in the day, the company said it expects full-year earnings of $2.25 to $2.35 a share, fueled by same-store sales growth of 2 percent to 4 percent and the addition of 64 to 69 new restaurants to the IHOP system.
