Stocks plummet. Dow drops nearly 1,300 points after worrying inflation data
All three major indexes plunged on Tuesday after worse-than-expected inflation data raised fears the Federal Reserve will need to continue raising interest rates aggrsesively to bring prices under control.
The Dow Jones Industrial Average fell nearly 1,300 points, while the tech-heavy Nasdaq fell by about 5%, and the broad-based S&P 500 fell by about 4%.
All three indexes posted their worst day of the year.
The latest consumer price index showed prices rose by 8.3% in August from a year earlier. While that was less than in June, inflation didn’t slow as much as Wall Street had expected.
This developing story will be updated