Wall Street tumbles after inflation data

2022-09-13 14:48:06 GMT (Economies.com)
Wall Street tumbles after inflation data

US stock indices declined on Tuesday following a spate of disappointing inflation data.

 

US consumer prices rose 8.3% in August, beating estimates of 8.1%, while still below 8.5% in the previous reading.

 

Core prices, excluding food and energy, rose 6.3%, above estimates of 6.1%, and above the previous reading's 5.9% increase.

 

Such data means the Federal Reserve is likely to increase interest rates by 75 basis points at the September meeting to control inflation. 

 

Dow Jones swooned 2.4% as of 14:35 GMT to 31,590, while S&P 500 shed 2.8% to 3,997, as NASDAQ gave up 3.4% to 11,849.

 
 
 
  Symbol Last Change Chg.%
0.9802
0.0147
1.5193%
1.1165
0.0345
3.1856%
19.049
0.190
1.008%
80.050
0.756
0.953%
87.96
-0.53
0.60%
1664.495
19.135
1.163%
 
 
US
 
Europe
 
Asia