Stocks Plunge as Inflation Data Adds to Market Anxiety

Wall Street stocks declined on Thursday following another rise in key U.S. inflation data that added to market anxiety.

The Dow Jones Industrial Average and S&P 500 fell 0.6% and 0.65%, respectively, while MSCI's gauge of global stocks dropped 0.66%. Brent crude futures jumped 7% to $108.64 a barrel amid the re-escalation of the Iran war.

The European Central Bank raised its interest rate to 2.50% from 2.25%, but this move barely impacted regional stock markets and the euro. Germany's 10-year bond yield rose to 3.50%, while France's OAT yield hit a post-2008 high of 4.33%.

The U.S. Treasury Department announced a $6 billion buyback of longer-dated bonds, which disappointed some investors.