Dow Tumbles as Inflation Concerns Mount

The Dow Jones Industrial Average posted its steepest decline among major U.S. averages, falling 113.52 points to close at 53,463.88. The index's 52-week range now stands at 44,948.16 on the low end and 54,744.33 at the top.

The S&P 500 finished the day at 7,675.78, shedding just one point for a decline of zero point zero two percent. Trading volume reached 2.226 billion shares.

The U.S. dollar suffered broad-based losses in Wednesday's trading session, with every major counterpart gaining ground except for the Australian dollar, which managed to carve out a solitary advance against the greenback.