US Stocks Sink After Inflation Surges

US Stocks Sink After Inflation Surges

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1 hr 35 min agoStocks open lowerFrom CNN Business’ Anneken Tappe

Wall Street opened in the red on Wednesday, adding onto the losses that major stock indexes incurred in the previous session.

The big economic report of the morning did nothing to lift spirits: A key measure of inflation rose to its highest in more than 30 years, a result far worse than economists’ expectations and a sign that the pandemic price hikes are not yet behind us.

The Dow opened 0.2%, or 67 points, lower.The S&P 500 fell 0.4%.The Nasdaq Composite opened down 0.9%.1 hr 36 min agoAmerica’s prices are surging more than they have in 30 yearsFrom CNN Business’ Anneken Tappe

There’s no end in sight for higher prices. US consumer price inflation surged higher again in October, the Bureau of Labor Statistics reported Wednesday.

Over the past 12 months, prices climbed 6.2% — the biggest increase since November 1990.

Stripping out food and energy prices, which tend to be more volatile, the index rose 4.6% over the same period, the biggest jump since August 1991.

The overall price index rose 0.9% in October alone, adjusted for seasonal swings, significantly more than the 0.6% economists had predicted, and overshadowing the somewhat more tepid 0.4% increase from September.

Last month’s price jumps came on the back of increases in multiple categories, including energy, shelter, food and cars.

Read the full story here.

5 hr 5 min agoUS stocks point to slightly lower openOn Tuesday, US stocks fell and snapped an eight-day win streak.

Stock prices have gotten particularly high during earnings season: The market has risen in 17 of the past 20 sessions, as companies consistently beat third-quarter earnings estimates.

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