NEW YORK (Reuters) – Wall Street closed lower on Wednesday as investors’ risk appetite eased after fears of a prolonged wave of inflation after consumer prices soared.
Three key indices, the S&P 500 and the Nasdaq, retreated and extended losses on Tuesday.
The U.S. Labor Department raised its consumer price index by 0.9 percent last month after rising 0.4 percent in September on Wednesday. In the twelve months to October, the consumer price index rose 6.2 percent, the biggest year-on-year increase since November 1990.
The report points out that the continuing stagnation of global supply chains, including the US Federal Reserve, should slow the current wave of inflation longer than many expected.
According to preliminary data, the industry index fell 241.69 points, or 0.67 percent, to close at 36078.29 points.
The Benchmark Standard & Poor’s 500 Index traded down 38.54 points, or 0.82 percent, at 4,646.71 points, while the Nasdaq Composite was down 264.41 points, or 1.66%, at 15,622.13 points.
(Produced by Mustafa Saleh for the Arab Bulletin)
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