Dow Dives Nearly 1,300 Points After Red-Hot Inflation Report

The index had its worst drop in more than two years

Traders work at the New York Stock Exchange in New York City, on Feb. 24, 2020. Johannes Eisele/AFP via Getty Images

Wall Street’s main stock indexes plunged on Sept. 13 after government data showed inflation coming in hotter than expected, putting investors on edge as the price data suggest the Federal Reserve will remain on a hawkish tilt and keep tightening aggressively.

The annual inflation rate, as measured by the Consumer Price Index (CPI), clocked in at 8.3 percent in August, according to the Bureau of Labor Statistics (BLS).