US stocks tumble as oil prices leap
Surging gold and energy prices dragged stocks lower today as inflation fears curbed Wall Street’s enthusiasm over solid first-quarter earnings from financial services firm Citigroup Inc.
Although Citigroup’s upbeat results fed optimism about corporate earnings for the latest quarter, investors again focused on inflation and interest rates after comments from Federal Reserve Bank of Chicago President Michael Moskow indicated he felt the central bank must remain “vigilant” with its policy of boosting rates to stem price increases.
