The stock market fell the most since June 2020 following Wall Street’s humbling realization that inflation is not slowing as much as hoped.
The Dow lost more than 1,250 points and the S&P 500 sank 4.3 percent. A hotter-than-expected report on inflation Tuesday has traders bracing for the Federal Reserve to ultimately raise interest rates even higher than expected, with all the risks for the economy that entails.
Bond prices also tumbled, sending yields sharply higher, after the government reported inflation decelerated last month by less than economists forecast. The drop didn’t quite knock out the market’s gains over the past four days.
On Tuesday (Sept. 13):
- The S&P 500 fell 177.72 points, or 4.3 percent, to 3,932.69.
- The Dow Jones Industrial Average fell 1,276.37 points, or 3.9 percent, to 31,104.97.
- The Nasdaq fell 632.84 points, or 5.2 percent, to 11,633.57.
- The Russell 2000 index of smaller companies fell 74.51 points, or 3.9 percent, to 1,831.57.
For the week:
- The S&P 500 is down 134.67 points, or 3.3 percent.
- The Dow is down 1,046.74 points, or 3.3 percent.
- The Nasdaq is down 478.73 points, or 4 percent.
- The Russell 2000 is down 51.27 points, or 2.7 percent.
For the year:
- The S&P 500 is down 833.49 points, or 17.5 percent.
- The Dow is down 5,233.33 points, or 14.4 percent.
- The Nasdaq is down 4,011.40 points, or 25.6 percent.
- The Russell 2000 is down 413.74 points, or 18.4 percent.
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