Wall Street Suffers Fourth Consecutive Loss
On Thursday, Wall Street experienced its fourth consecutive day of losses as investors digested fresh wholesale inflation data and grappled with rising bond yields and oil prices above $100 a barrel.
The Dow Jones Industrial Average fell 317 points, or 0.6%, to close at 52,064, while the S&P 500 dropped 0.6%, losing 45 points to finish at 7,592. The Nasdaq Composite declined 172 points, or 0.7%, to 26,082.
The sell-off was attributed to concerns that higher inflation could squeeze corporate profit margins and complicate the outlook for central bank policy. Rising Treasury yields added further pressure on equities, particularly growth stocks.
Oil prices remained above $100 a barrel, keeping inflation concerns in focus and adding to worries about the impact of higher energy costs on consumers and businesses.