Dow dives nearly 900 points as May inflation spike locks in weekly losses for US stocks
stockssold off Friday following May's consumer-price-inflation report.
inflationof 8.6% was higher than anticipated and marked a four-decade high.
US stocks sank Friday as new inflation data showed more acceleration than anticipated, days before the
The market's main equity indexes solidified weekly losses after the Bureau of Labor Statistics said the Consumer Price Index rose 8.6% in the year through May. Economists surveyed by Bloomberg expected a reading of 8.3%.
Here's where US indexes stood at 4:00 p.m. on Friday:
- S&P 500: 3,900.86, down 2.9%
- Dow Jones Industrial Average: 31,392.79, down 2.73% (880.00 points)
- Nasdaq Composite: 11,340.02, down 3.52%
"We think the US central bank now has good reason to surprise
Barclays now expects the Fed to increase the federal funds rate by 75 basis points at its June 14 to 15 meeting.
Around the markets, lumber prices have hit their lowest point in nine months as mortgage demand sinks. Meanwhile, the slide in mortgage applications is leaving the US housing market to see its worst contraction since 2006, a Freddie Mac economist said.
The billionaire investor Stanley Druckenmiller said we're six months into a bear market and a recession was coming.
Bitcoin dropped 3.4% to $29,124.10.
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