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Dow dives more than 1,100 points on renewed inflation fears

Dow dives more than 1,100 points on renewed inflation fears

CBSN
Wednesday, May 18, 2022 9:40 PM GMT

Stocks plummeted on Wall Street Wednesday, as poor results from retailers led to renewed fears that inflation could chill consumer spending and corporate profits.

The Dow Jones Industrial Average tumbled 1,164 points, or 3.6%, to close at 31,490. The S&P 500 lost 4% on its worst day since 2020, while the tech-heavy Nasdaq Composite  fell 4.7%.

"The growth scare that hovers over the market intermittently has intensified as market participants are factoring in a deeper slowdown," Quincy Krosby, chief equity strategist for LPL Financial, said in a note.

Read full story on CBSN
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