Wednesday, May 17, 2006

Dow plunges on CPI data

U.S. stocks dived Wednesday after an unexpectedly high rise in inflation and resulting fear that interest rates will also climb.

The Labor Department reported that the consumer price index had grown by 0.6 percent in April ahead of forecasts of a 0.5 percent rise.

Some analysts feel the market is overpriced after nearly reaching a record high last week. Over the last several days of trading though the Dow has dropped sharply.

By late morning Wednesday, the Dow sank by 147.36 points to a one month low of 11,272.53.

Dow dips 145 points in early trading

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