The Stock Market plunged in mid-day trading Tuesday after a new report showed inflation remains a major economic hurdle as America struggles to recover from the COVID-19 pandemic.
From Fox News:
The major U.S. stock averages opened lower after a government report on consumer prices showed higher than expected inflation. Declining gasoline prices were offset by gains in the costs of rent and food, giving cover for the Federal Reserve to deliver another hefty interest rate increase next Wednesday. Core CPI rose to annualized rate of 6.3%. The Dow Jones Industrial Average fell 374.84 points, or 1.16%, at the open to 32,006.50. The S&P 500 opened lower by 73.29 points, or 1.78%, at 4,037.12, while the Nasdaq Composite dropped 357.60 points, or 2.92%, to 11,908.81 at the opening bell. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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