US Stocks Plummet Amid Rising Inflation Fears and Soaring Oil Prices

Wall Street stocks declined on Thursday following another increase in US wholesale inflation data. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite fell by 0.6%, 0.65%, and 0.66% respectively.

The European Central Bank raised its key interest rate to 2.50% from 2.25%. This decision was expected, but the region's stock markets barely reacted. Germany's 10-year bond yield rose to 3.50%, while France's OAT yield reached a post-2008 high of 4.33%.

Oil prices remained a concern for investors as Brent crude futures jumped 7% to $108.64 a barrel. Traders are worried about renewed inflation pressure and the impact on global markets.