– National
Investors concerned about inflation after a surprise jump in labor costs sent stocks lower Thursday. The decline came despite a drop in oil prices and positive employment news.
The Dow Jones Industrial Average fell 101.97, or 0.9 percent, to 10,851.98. The S & P; 500 lost 11.62, or 0.9 percent, to 1,270.84. The Nasdaq Composite Index dropped 28.99, or 1.3 percent, to 2,281.57.
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– Local
Local movers were led by Saehan Bancorp, which gained 15 percent to $23, and Wesco Financial Corp., which rose by 0.3 percent to $386.51. On the down side, Zenith National Insurance Corp. slipped 4.2 percent to $52.55 and KB Home fell 2.7 percent to $71.94.
Shares of CB Richard Ellis Group Inc. jumped 8.4 percent to $69.06 after the El Segundo-based commercial real estate company reported late Wednesday earnings and adjusted earnings that trumped estimates.
Reliance Steel & Aluminum Co. climbed 5.6 percent to $82.79 after the L.A.-based metal processor and distributor boosted its fourth-quarter earnings outlook to $1.75 to $1.80 per share, up from its previous guidance of $1.10 to $1.20 per share. Analysts expect the company to post earnings of $1.20 per share for the quarter.
