Stocks resumed their slide today with the Dow Jones industrial average losing more than 115 points to settle just above 10,000.
NEW YORK – Stocks resumed their slide today with the Dow Jones industrial average losing more than 115 points to settle just above 10,000, its lowest close since October.
Concerns about rising inflation trumped a slew of upbeat quarterly earnings reports, including better-than-expected results from Caterpillar and Intel.
Stocks sank after the release of a Federal Reserve report showing expanded business activity from late February to early April but “uneven progress” in some parts of the country and higher inflation.
Price pressures were also highlighted by the Labor Department’s latest Consumer Price Index, the most closely watched inflation gauge. Consumer prices jumped 0.6 percent in March, the biggest surge in five months.
According to preliminary results, the Dow closed down 115.05, or 1.14 percent, at 10,012.36. The Dow suffered three straight triple-digit drops last week.
Broader market gauges were also lower. The Standard & Poor’s 500 index slid 15.28, or 1.33 percent, to 1,137.50. The Nasdaq composite index lost 18.60, or 0.96 percent, to 1,913.76.
Oil futures climbed 15 cents to settle at $52.44 on the New York Mercantile Exchange, after the government’s weekly fuel inventory report showed a decline in crude and gasoline stores.