Wall Street Reels from Double Shock of Inflation and Soaring Oil Prices

Wall Street stocks plummeted on Thursday as investors grappled with the Federal Reserve's decision to keep interest rates unchanged in the face of soaring oil prices and persistent inflation.

The Fed's move, announced earlier this week, was met with initial optimism, but market sentiment shifted during Fed Chair Kevin Warsh's press conference, where he emphasized his commitment to achieving price stability and returning inflation to the 2% target.

However, investors remained skeptical, and major US indices ended down more than 1.5% on Thursday, with tech stocks leading the decline.

The sell-off was exacerbated by a surge in oil prices, which hit $90.74 a barrel after Saudi Arabia and the United States announced strikes on militant bases in Iraq, and Iran-backed Hezbollah was accused of a truce violation.