Viacom sends Dow down

Wall Street slid lower today, with inflation concerns and a disappointing earnings report from media conglomerate Viacom prompting investors to collect profits. A drop in oil prices failed to mitigate the losses.

US investors were unnerved as the latest unemployment figures showed strength in the labour market. First-time jobless claims fell by 20,000 from the previous week to 278,000 – a far sharper drop than economists had expected.