Stocks Plunge, Dow Loses Nearly 1,300 Points After Bad Inflation Report
(New York, NY) — Stocks are posting their worst day of 2022 after a higher-than-expected inflation report. The Dow Jones Industrial Average fell nearly 13-hundred points with the Nasdaq and S&P 500 suffering even bigger percentage drops. An unexpected jump in the consumer price index sparked the broad market selloff. At the closing bell, the Dow Jones Industrial Average lost 12-hundred-76 points to 31-104. The S&P 500 fell 177 points to 39-32. The Nasdaq plunged 632 points to 11-633. That didn’t stop Biden from “celebrating” the passage of his so-called Inflation reduction Act a month ago, that so far has seen the CPI rise, especially of note, an increase of 11% in groceries in August. Vice President Harris said the Inflation Reduction Act also makes aggressive moves against climate change. The ceremony happened on the same day as a new report showing no easing of inflation last month. That report sent Wall Street into a tailspin. Singer James Taylor opened the White House event with his 1970 hit, “Fire and Rain.”
(Washington, DC) — Americans are paying more for food, rent and healthcare. This after the consumer price index, a key measurement of inflation, rose zero-point-one percent in August despite predictions of a slight decline. Groceries are expected to increase by up to 11-percent this year with beef, poultry, milk and eggs leading the jump.
Reuters headline is “Biden celebrates ‘Inflation Reduction Act’ as food, rent prices climb”. Read more here: