Stocks pulled back again on Wall Street Wednesday after a surprisingly big jump in inflation last month worsened worries among investors that the economy may run too hot as it bounces back from its pandemic-induced recession.
Tech giants, which had soared during the past year of lockdowns, took some of the biggest losses. The slump put major indexes on track for their worst weekly losses since October. Bond yields snapped higher after the government reported that consumer prices rose in April at the fastest year-over-year rate since 2008.
The S&P 500 fell 89.06 points, or 2.1%, to 4,063.04.
The Dow Jones Industrial Average fell 681.50, or 2%, to 33,587.66.
The Nasdaq fell 357.75 points, or 2.7%, to 13,031.68.
The Russell 2000 index of smaller companies fell 71.85 points, or 3.3%, to 2,135.14.
For the week:
The S&P 500 is down 169.56 points, or 4%.
The Dow is down 1,190.10 points, or 3.4%.
The Nasdaq is down 720.56 points, or 5.2%.
The Russell 2000 is down 136.49 points, or 6%.
For the year:
The S&P 500 is up 306.97 points, or 8.2%.
The Dow is up 2,981.18 points, or 9.7%.
The Nasdaq is up 143.40 points, or 1.1%.
The Russell 2000 is up 160.28 points, or 8.1%.
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