Wall Street: Stocks sink as inflation concerns trump lower oil prices

Wall Street’s 2005 slump extended into a third session Wednesday as renewed concerns about inflation and higher interest rates sapped confidence from buyers.

Investors were still digesting the latest news from the Federal Reserve’s Open Market Committee, which sent stocks tumbling Tuesday when it released the minutes of its Dec. 14 meeting. Several members of the policy making group expressed concerns about inflation, citing a drop in productivity growth, a weakening dollar and high oil prices, and hinted that interest rates were likely to be tightened more aggressively to deal with those issues

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