Wall Street's Dow Index Tumbles Over 1,000 Points As US Inflation Surprises Again

NEW YORK (Pakistan Point News / Sputnik - 14th September, 2022) Wall Street's broadest stocks indicator, the Dow Jones Industrial Average, lost more than 1,000 points in Tuesday's late trading after a higher-than-expected US inflation reading for August raised the chances for another substantial interest rate hike later this month.

With about 40 minutes to the close of trade, the Dow was down 1,142 points, or 3.5%, at 31,239 points by 3:20 PM ET (19:20 GMT) after the Consumer price Index showed an annualized growth of 8.3% for August, above the 8.1% forecast by economists.

Other major Wall Street stock indexes had larger percentage losses than the Dow. The S&P 500 Index, which represents the top 500 US stocks, was down 3.9% while the Nasdaq Composite Index, which comprises marquee Names in technology such as Amazon, Apple, Netflix and Google, fell 4.7%.