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Dow slumps 500 points amid inflation concern, Nasdaq drops 2.5%

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mystery-ak:
Dow slumps 500 points amid inflation concern, Nasdaq drops 2.5%
Published Tue, May 11 20216:04 PM EDTUpdated An Hour Ago
Yun Li
@YunLi626
Maggie Fitzgerald
@mkmfitzgerald

U.S. stocks declined sharply on Wednesday, led to the downside by technology shares as key inflation data showed higher-than-expected price pressures.

The Dow Jones Industrial Average fell 500 points, following its worst day since February on Tuesday. The S&P 500 lost 1.7%, while the tech-heavy Nasdaq Composite slid 2.5%.

The selling intensified after the S&P 500 fell below Tuesday’s low, a level traders were watching closely because of the intraday rebound one day ago. Once the S&P fell below that low about an hour into the trading day, the benchmark fell even further.

Inflation accelerated at its fastest pace since 2008 last month with the Consumer Price Index spiking 4.2% from a year ago, compared to the Dow Jones estimate for a 3.6% increase. The monthly gain was 0.8%, versus the expected 0.2%.

Excluding volatile food and energy prices, the core CPI increased 3% from the same period in 2020 and 0.9% on a monthly basis. The respective estimates were 2.3% and 0.3%.

more
https://www.cnbc.com/2021/05/11/stock-market-futures-open-to-close-news.html

Wingnut:
We are in for a Jimmy Carter type screwing.

LMAO:

--- Quote from: Wingnut on May 12, 2021, 06:35:40 pm ---We are in for a Jimmy Carter type screwing.

--- End quote ---

Maybe at some point in his presidency Joe Biden can come up with his own “A Crisis of Confidence” speech

Free Vulcan:
It was well needed. We were at, and still are at, ridiculous levels.

Wingnut:

--- Quote from: LMAO on May 12, 2021, 09:06:33 pm ---Maybe at some point in his presidency Joe Biden can come up with his own “A Crisis of Confidence” speech

--- End quote ---

With SloJoe's penchant for plagiarism it would not surprise me if he just read Jimmah's word for word.

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