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Stock rally loses steam

NEW YORK, March 15 (UPI) — U.S. markets slipped Friday morning after the Bureau of Labor Statistics said the consumer price index rose 0.7 percent in February.

The CPI increase was slightly higher than economist had projected. The annual inflation rate rose to 2 percent after resting at 1.9 percent for three consecutive months.

The Dow Jones industrial average has closed higher for 10 consecutive days, the longest winning streak in at least 16 years.

In early afternoon trading Friday, the Dow Jones industrial average shed 40.08 points or 0.28 percent to 14,499.06. The Standard & Poor’s 500 index lost 2.43 points or 0.16 percent to 1,560.80.

The Nasdaq composite gave up 6.23 points or 0.19 percent to 3,252.70.

The 10-year U.S. treasury bonds rose 9/32 to yield 2.004 percent.

Against the dollar, the euro rose to $1.306 from Thursday’s $1.3005. Against the yen, the dollar was lower at 95.36 yen from 96.11 yen.

In Tokyo, the Nikkei 225 gained 179.76 points, 1.45 percent, to 12,560.95.

In London, the FTSE 100 index shed 0.61 percent, 39.76 points, to 6,489.65.

Copyright 2013 United Press International, Inc. (UPI).

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