Continued Concerns

Increased import prices and ongoing fears of rate increases fueled continued concern over inflation and sent stocks tumbling for another week. After a modest gain the week before, the Dow dropped 355.63 points to close at 10,981.92, a 3 percent drop. The Nasdaq also dropped, losing 3.5 percent of its value to close at 2,135.06, down 77.29. Ad stocks also fared poorly, with Omnicom losing 3 percent to close at 93.20. WPP Group dropped nearly 7 percent to close at 58.51. IPG finished the week at 8.90, down 7.6 percent. And Publicis Groupe also dropped, closing at 39.01, down 3.7 percent.