U.S. Markets Tumble on Tuesday
Posted on: Tuesday, 20 May 2008, 12:00 CDT
U.S. markets tumbled Tuesday on rising oil prices and a Department of Labor report on inflation.
Crude oil prices climbed significantly Tuesday morning, up $1.68 to $128.73 per barrel.
The government said the producer price index for finished goods rose modestly, up 0.2 percent in April. Core inflation, which excludes energy and food prices, jumped 0.4 percent in the month.
The Dow Jones industrial average dropped 150.71 points in mid-morning trading to 12,877.45, off 1.16 percent. The Standard & Poor's 500 index lost 11.00 points to 1,415.63, down 0.77 percent. The Nasdaq composite index lost 23.87 points to 2,492.22, off 0.95 percent.
The 10-year U.S. Treasury note gained 11/32 to yield 3.792 percent.
The dollar fell. The euro traded at $1.5669 from Monday's $1.5507, while the dollar traded at 103.53 yen from Monday's 104.33 yen.
In Tokyo, the Nikkei index lost 109.52 points to 14,160.09, off 0.77 percent.
Source: United Press International
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