Dow falls 800 points, Nasdaq drops 3% after inflation reading hits 40-year high – #marketnews


Stocks dropped on Friday after a highly anticipated inflation report showed a faster-than-expected rise in prices and consumer sentiment hit a record low.

The Dow Jones Industrial Average shed 815 points, or 2.5%. The S&P 500 fell 2.8%, while Nasdaq Composite sank 3.3%.

The [May consumer price index report]( came in at its highest level since 1981, putting pressure on the stock market. The report showed prices rising 8.6% year over year, and 6% when excluding food and energy prices. Economists surveyed by Dow Jones were expecting year over year increases of 8.3% for the main index and 5.9% for the core index.


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