Wall Street slumped Tuesday as investors looked past another round of acquisitions and grew increasingly anxious about the Federal Reserve's upcoming decision on interest rates. The Dow Jones industrials tumbled more than 120 points.


According to preliminary calculations, the Dow plunged 120.54, or 1.09 percent, to 10,924.74. Broader stock indicators also fell sharply. The Standard & Poor's 500 index dropped 11.36, or 0.91 percent, to 1,239.20, and the Nasdaq composite index lost 33.42, or 1.57 percent, to 2,100.25.


At its two-day meeting, the Fed is expected to lift the nation's key short-term interest rate by a quarter percentage point to 5.25 percent. But with soaring energy costs pressuring prices elsewhere, some on Wall Street already predict another hike in August - or the possibility of an aggressive half-point raise this week


- Read the full Associated Press story .


Local Winners & Losers

Among local stocks, Stamps.com Inc. lost 5.6 percent to close at $27.40; Salem Communication Corp. was down 5.3 percent to $11.71 and EMAK Worldwide Inc. lost 4.5 percent and closed at $5.79.


Univision Communications Inc. gained 6.1 percent and closed at $34 while Arden Group Inc. added 7.7 percent to close at $104.56. Wesco Financial Corp. gained 2 percent and finished at $372.50 a share.

For reprint and licensing requests for this article, CLICK HERE.