Wall Street down sharply as inflation worries – archyworldys

by Stephen Culp

NEW YORK (Reuters) – The New York Stock Exchange ended sharply lower on Wednesday as investors showed little risk appetite amid soaring consumer prices in the United States, which fueled fears of a prolonged wave of rising inflation.

The Dow Jones index lost 0.66%, or 240.04 points, to 36,079.94 points.

The larger S & P-500 lost 38.54 points, or 0.82%, to 4,646.71 points.

The Nasdaq Composite for its part fell by 263.84 points (1.66%) to 15,622.71 points.

As the day before, the three main indices of Wall Street ended in the red, while the S & P-500 and the Nasdaq were established Monday at record levels for an eighth consecutive session.

“It’s no surprise that after what was truly a historic series, the market is taking a hiatus,” commented Ross Mayfield, investment strategist at Baird, Louisville, Ky. “But there are enough favorable winds to carry the market at the end of the year,” he added.

Official statistics released today show that consumer prices in the United States climbed more than expected in October, reaching an annual rate not seen since 1990, the new sign that inflation could settle down permanently.

Inflation is the thing that sets the tone in the market, said Ross Mayfield, saying it will affect Federal Reserve (Fed) policy and interest rates.

Among the eleven major sectors of the S & P-500, eight ended up in the red, including that of technologies which plunged in the wake of the decline of the giants Apple and Microsoft.

In decline in the previous two sessions, Tesla recovered, rising 4.3%, even as rival Rivian Automotive surged for its IPO, rising 29.1%.

Disney published its quarterly results after the close, as the earnings season is drawing to a close with results largely above Wall Street expectations.

(French version Jean Terzian)