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Surprise in CPI Data Sends Stocks Tumbling

The Treasury market is also getting slammed.

Stocks and bonds are plunging in early trading after a surprisingly large increase in the

Consumer Price Index


The April CPI rose 0.7% overall and 0.4% excluding volatile food and energy prices -- both figures were way ahead of expectations. The 30-year Treasury bond lurched sharply downward as soon as the numbers came out at 8:30 a.m. EDT, and it lately was down 1 23/32 to 91 8/32. The yield shot up to 5.88%, the highest level in nearly a year.


Dow Jones Industrial Average

was down 105 to 11,002, the

S&P 500

was down 18 to 1350, the

Nasdaq Composite Index

was down 46 to 2536, the

Russell 2000

was down 6 to 445 and Internet Sector

index was down 14 to 628.

Most Up at Open -- NYSE

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Net.B@nk (NTBK) , down 6 1/8 to 181 1/8