Dow drops more than 500 points after a surprisingly bad inflation report
CNN
US stocks fell sharply Wednesday morning after inflation data for March came in higher than expected.
US stocks fell sharply Wednesday after inflation data for March came in higher than expected. The blue-chip Dow was lower by 576 points, or 1.5%. The S&P 500 lost 1.4% and the Nasdaq Composite fell by 1.3%. US consumer prices picked up again last month, vaulting to a 3.5% increase for the 12 months ended in March, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics. That’s up considerably from February’s 3.2% rate and marks the highest annual gain in the past six months. And while gas and shelter costs contributed more than half of that monthly increase, prices rose in pretty much every major category last month, the BLS said. Investors worry that the hotter-than-expected report will push back the Federal Reserve’s timeline for the rate cuts it has been hinting would come this year. When the Fed raises interest rates or indicates that they may stay higher for longer, markets tend to fall. This happens because when it costs more for companies to borrow money, other investments might look better compared to stocks. Some areas like housing and utilities can get hit harder because they’re more affected by interest rate changes.
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