US stocks ended lower tonight, logging their biggest one-day decline since January, on concerns that rising commodity prices will translate into higher inflation and will prompt the Federal Reserve into raising interest rates again in June.
The Dow Jones Industrial Average snapped a five-session winning streak to end down 141.92 points at 11,500.73. The Nasdaq Composite fell 48.04 points to 2,272.70, while the S&P500 fell 16.93 points to 1,305.92.
In Asia today, the Hang Seng ended the morning down 223.56 points at 16,917.22, while the Nikkei was reached the midpoint off 411.09 points at 16,451.05.
New York's main oil contract, light sweet crude for June delivery, was at $72.86 a barrel, down 46 cents from New York late yesterday.
Early broker notes:
DERWENT VALLEY, GREAT PORTLAND UPGRADED TO 'OVERWEIGHT' AT JP MORGAN