Stocks fell as investors digested the latest inflation report.
Stocks dropped sharply 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 880 points, or 2.73%, to close at 31,392.79. The S&P 500 fell 2.91% to settle at 3,900.86. The Nasdaq Composite sank 3.52% to 11,340.02. The sell-off was broad, with nearly every member of the 30-stock Dow in the red. Declining stocks on the New York Stock Exchange outpaced advancing ones by more than 5 to 1. Apple dropped nearly 3.9%, while Microsoft and Dow, Inc. slid about 4.5% and 6.1%, respectively. Salesforce sank 4.6%, and Amazon fell more than 5%. Friday’s declines means Wall Street suffered its worst week in months. The Dow fell 4.58% for its 10th down week in the past 11. The S&P 500 and Nasdaq Composite lost 5.05% and 5.60%, respectively, for their ninth losing week in 10 and the worst week since January. 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.
