US stocks drift lower amid inflation fears

Nagging worries about inflation bogged Wall Street down today with investors sending stocks lower as they tried to reconcile solid economic and earnings news, reports of anthrax discovered at the Pentagon, and a gloomy outlook on semiconductor stocks.

Concerns that higher oil prices, which topped 55 dollars per barrel, would accelerate inflation and lead to rising interest rates eroded investor confidence, and the Pentagon’s announcement about an anthrax discovery in its post room added to the general unease.