CNN Money had this to say about today’s inflation news and oil hit $129 per barrel.

NEW YORK (CNNMoney.com) — Stocks slid Tuesday, with the Dow losing nearly 200 points, as spiking oil and gas prices and a bigger-than-expected jump in a key inflation measure rattled investors.

After the close, Dow component Hewlett-Packard reported a small rise in quarterly profit that matched preliminary figures it announced last week.

According to early tallies, the Dow Jones industrial average (INDU) fell 1.5%. The broader Standard & Poor’s 500 (SPX) index lost 0.9% and the tech-heavy Nasdaq composite (COMP) lost almost 1%.

Crude oil prices spiked to nearly $130 a barrel, giving investors a reason to retreat following the recent advance.

Oil, Inflation, Dow? Who Cares!

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