US stock indices fell sharply during trading, Thursday, following stronger-than-expected producer price data added concerns that the US Federal Reserve will continue to raise interest rates to calm inflation.
The producer price index in the United States, the largest economy in the world, rose in January more than expected by 6 percent on an annual basis, once morest expectations of a growth rate of 5.4 percent.
On a monthly basis, the producer price index in January rose by 0.7, compared to expectations of 0.4 percent.
stock movements
By 17:20 GMT, the Dow Jones Industrial Average fell 223.47 points, or 0.65 percent, to 33904.58 points.
The “Standard & Poor’s 500” index fell by 26.07 points, or 0.61 percent, to 4,122.22 points, and the “Nasdaq” composite index fell by 86.53 points, or by 0.72 percent, to 114,983.39 points.
On the other hand, Bitcoin touched its highest level in six months, Thursday, as it rose in line with stocks and other relatively riskier assets amid investors’ appetite for risk as their confidence in the economic outlook increased.
The world’s largest cryptocurrency reached $ 24,895 today, its highest level since August 2022, following jumping 9.5 percent yesterday, Wednesday.
