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US stocks continue their losses, with inflation recording its highest level in 40 years, today, Saturday, June 11, 2022 12:25 am
As a result of Wall Street’s negative reaction to a widely expected report on consumer price inflation, US stocks fell sharply during Friday’s trading.
The sharp drop in the day led to the continuation of the selling during Thursday. The major indicators ended the day on the decline.
The Dow Jones Industrial Average lost 880 points of its value, or 2.7 percent, to 31392.79 points. The Nasdaq Technology Stock Index tumbled 414.20 points, or 3.5 percent, to reach 11340.02 points, and the broader Standard & Poor’s 500 Index fell by 116.06 points, or 2.9 percent, to 3900.86 points.
As for the trading week, Jones plunged by 4.6 percent, while Standard & Poor’s and Nasdaq fell by 5.1 and 5.6 percent, respectively.
The sell-off in Wall Street came following the Labor Department released a report showing US consumer prices rose more than expected in May, raising concerns regarding interest rate expectations.
And the Bloomberg news agency reported that these data will increase the chances of the Federal Reserve adopting tighter monetary policies with large increases in interest rates in the coming months, and add more political problems for both the White House and the Democratic Party.
According to the data of the US Department of Labor, the consumer price index in the United States rose during last May by 8.6% compared to the same month last year. The index also rose 1% from the previous month, exceeding the expectations of all analysts polled by Bloomberg.
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