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Monday, July 26, 2021
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Wall Street closes sharply lower as inflation fears heat up

Wall Street closed lower on Wednesday with the S&P suffering its biggest one-day percentage drop since February, as inflation data fueled concerns over whether interest rate hikes from the Fed could happen sooner than anticipated.

All three major U.S. stock indexes ended the session deep in negative territory in the wake of the Labor Department’s April consumer prices report, which showed the biggest rise in nearly 12 years.

Unofficially, the Dow Jones Industrial Average fell 682.09 points, or 1.99%, to 33,587.07, the S&P 500 lost 89.2 points, or 2.15%, to 4,062.9 and the Nasdaq Composite dropped 357.75 points, or 2.67%, to 13,031.68.

(Production: Hyeongmi Kim, Fred Katayama, Aleksandra Michalska)

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