Wall Street closes sharply lower due to the decline in Amazon shares and inflation fears

Wall Street closed sharply lower on Friday, as Amazon stock fell following a negative quarterly report, and the biggest rise in monthly inflation since 2005 has already raised investors’ concerns regarding an interest rate hike.

Amazon.com’s stock plunged into its biggest one-day drop since 2006, bringing the stock near a two-year low.

Late Thursday, the e-commerce giant reported disappointing quarterly business results and expectations.

Shares of Apple, the world’s most valuable company, fell following its disappointing forecast overshadowed unprecedented quarterly profits and sales.

According to preliminary data, the Standard & Poor’s 500 index closed down 155.51 points, or 3.60 percent, to 4,132.94 points, the Nasdaq Composite Index fell 533.40 points, or 4.14 percent, to 12,338.13 points, and the industrial index fell 937.80 points, or 2.77 percent, to 32978.59 points.