February 13, 2024 1:52pm EST | Updated February 13, 2024 3:01pm EST
Dow plunge accelerates, on pace for worst day of 2024
Dow Jones Industrial Average is on pace for the worst day in 11 months
By Suzanne O'Halloran FOXBusiness
U.S. stocks tumbled in a broad sell-off after a hotter-than-expected inflation report may jeopardize the Federal Reserve’s plan to cut interest rates.
The Dow Jones Industrial Average fell more than 700 points during intraday trading, or 1.8%, and is on pace for the worst session in 11 months.
The benchmark has erased almost half its gains for 2024 with the 10-year Treasury yield nearing 4.3%.
The consumer price index for January rose by 3.1% on an annual basis, higher than the 2.9% economists surveyed by Refinitiv expected. The producer price index, due Wednesday, will also be closely watched.
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