Summary Box: Falling commodities drag stocks down

AP News
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Posted: Mar 28, 2012 4:32 PM
Summary Box: Falling commodities drag stocks down

COMMODITIES RULE: Falling commodity prices punished materials and energy companies Wednesday, pushing Wall Street's major indexes to a lower close. Crude oil fell almost $2 to $105, causing steep drops for energy companies. Metals lost ground, hurting big materials firms such as Alcoa.

BRIGHT SPOT: Annie's Inc., a company that sells prepared organic foods, soared in its first day of trading. Shares were priced late Tuesday at $19, and closed 89 percent higher at $35.92.

EUROPE LOOMS: One analyst said traders are holding off on big moves because they expect signals this week on Europe's progress toward solving its debt crisis. European finance ministers will meet beginning Thursday; Spain releases its budget on Friday.