The Dow closed down 810 points for the day, or 2.5%. The S&P 500 shed 2.7% and the Nasdaq dropped about 3%.
The Dow plunged more than 800 points after a key inflation report missed estimates and showed a higher-than-anticipated increase in the price of consumer goods. The Dow closed down 810 points for the day, or 2.5%. The S&P 500 shed 2.7% and the Nasdaq dropped about 3%.The May consumer price index rose 8.6% year-over-year, its highest level since 1981. Economists had forecast an 8.3% increase.
"The major risk to consumption, employment, and the economy overall, isn't an organic growth slowdown, but the extent to which extreme energy and food price increases could cause central banks to push against the string, and [the economy could] essentially fall into a damaging policy mistake," wrote Rick Rieder, chief investment officer of Global Fixed Income at BlackRock in a note.
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