Dow Plunges Over 300 Points Amid Oil Price Surge

The Dow Jones index plummeted over 300 points on Thursday as US crude oil prices surged past $100 per barrel, sparking concerns of higher inflation.

The CNN Money Fear and Greed Index, which measures market sentiment, remained in the 'Fear' zone at a reading of 31, down from its prior reading of 38.

Other key statistics included a 0.4% month-over-month increase in Headline PPI, which was in line with forecasts but topped expectations for an annual rate of 5.3% at 5.4%.

Markets are now pricing a roughly 70% chance of a 25-basis-point Fed hike following the release of PPI data.