Markets Mixed As Retreating Oil Tempers Rising CPI

The markets traded mixed during the midday as retreating oil prices tempered news of soaring consumer prices. The Dow tumbled 64 points to 7331 while Nasdaq added 4 points to 1466.

On the upside

Georgia Gulf (NYSE: GGC) amended its senior secured credit agreement while increasing and extending its accounts receivable securitization prompting an upgrade.

Olin (NYSE: OLN) said that first quarter results should be in the high range of its outlook, well above analyst expectations.

Shares of Adobe Systems (Nasdaq: ADBE) rose after the software maker posted lower sales and profits, but the results beat expectations.

Shares of Citigroup (NYSE: C) and Bank of America (NYSE: BAC) surged ahead of the Federal Reserve's interest rate decision.

ProLogis (NYSE: PLD) leased a 136,000 square feet facility in the Czech Republic to a European communications distributor.

On the downside

Shares of BlackBerry maker Research In Motion (Nasdaq: RIMM) fell after Apple (Nasdaq: AAPL) unveiled new features for programmers to create software for the iPhone.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 404.

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