Dow tumbles nearly 880 points as sell-off continues on Wall Street
NEW YORK, June 13– U.S. stocks fell sharply on Monday as investors continued to dump risky assets amid surging inflation. The sell-off in equities came after U.S. data showing an unexpected reacceleration in inflation rekindled fears that aggressive monetary tightening could push the economy into recession. The U.S. Labor Department reported Friday that the…
NEW YORK, June 13 (Xinhua) — U.S. stocks fell sharply on Monday as investors continued to dump risky assets amid surging inflation.
The Dow Jones Industrial Average tumbled 876.05 points, or 2.79 percent, to 30,516.74. The S&P 500 dropped 151.23 points, or 3.88 percent, to 3,749.63. The Nasdaq Composite Index shed 530.79 points, or 4.68 percent, to 10,809.23.
All the 11 primary S&P 500 sectors ended in red, with energy and real estate down 5.13 percent and 4.78 percent, respectively, leading the losses.
The pullback followed a brutal week on Wall Street. For the week ending Friday, the Dow dropped 4.6 percent, the S&P 500 decreased 5.1 percent and the tech-heavy Nasdaq tumbled 5.6 percent, booking their biggest weekly losses since January.
The sell-off in equities came after U.S. data showing an unexpected reacceleration in inflation rekindled fears that aggressive monetary tightening could push the economy into recession.
The U.S. Labor Department reported Friday that the U.S. consumer price index climbed 8.6 percent year-over-year in May, the largest gain since 1981, defying assumptions that the annual rate of inflation had peaked in March.
Investors worried that the Federal Reserve may have to take greater measures to tackle inflation, which could have a detrimental effect on the economy. Enditem
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