Dow tumbles more than 700 points after hot inflation report
CBSN
Stocks slumped on Tuesday after a government report showed that inflation last month remained stubbornly high, a setback for investors betting that the Federal Reserve could cut its benchmark interest rate as soon as March.
The Dow Jones Industrial Average fell 736 points, or 1.9%, to 38,062 in afternoon trade, while the S&P 500 and Nasdaq Composite index also fell around 2%.
Financial markets have steadily climbed since October on expectations that the Fed was done pushing up borrowing costs as it seeks to curb inflation, with some Wall Street analysts predicting that the central bank could cut its short-term rate as early as March. But investor sentiment is shifting amid the U.S. economy's strong economic performance and efforts by Fed officials to tamp down expectations of an imminent cut.
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