Lola Evans
12 May 2022, 06:12 GMT+10
NEW YORK, New York - U.S. stocks tumbled again Wednesday following the release of core CPI figures which showed inflation continuing to rage.
The annualized core CPI hit 6.2 percent against forecasts of 6 percent.
"Everyone wants energy and food and labor costs to all come down, but at the same time, our mechanism for doing that is to increase interest rates," Aviva Investors' Susan Schmidt told CNBC Wednesday.
"You're working at countermeasures and it's worrisome for investors because they're trying to figure out how this impacts business overall and that's why I think you've seen such whipsaw action in the major indices."
The technology sector again took the brunt of the assault on stocks Wednesday. The Nasdaq Composite fell 373.44 points or 3.18 percent to close at 11,364.24.
The Dow Jones industrials tumbled 326.63 points or 1.02 percent to 33,834.11.
The Standard and Poor's dropped 65.86 points or 1.63 percent to 3,935.19.
The U.S. dollar consolidated and added to recent gains. The euro, after attempting yet another rally, wilted to 1.0518 around the New York close Wednesday.
The British pound sank to 1.2242. The Swiss franc was steady, but weaker, at 0.9940.
The Canadian dollar edged up to 1.2997. The Australian dollar weakened to 0.6934. The New Zealand dollar fell sharply to 0.6290.
Overseas, in Europe, the UK, and Asia, stocks were on the rise. The CAC 40 in Paris closed 2.50 percent higher. The German Dax rose 2.17 percent. In London, the FTSE 100 advanced 1.44 percent.
In Hong Kong, the Hang Seng jumped 0.97 percent. The Nikkei 225 in Tokyo gained 0.18 percent. The Australian All Ordinaries climbed 0.26 percent. In New Zealand, the S&P/NZX 50 rose 0.03 percent. South Korea's Kospi Composite went against the trend, dipping 0.17 percent.
Get a daily dose of Sacramento Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sacramento Sun.
More InformationNEW YORK, New York - The U.S. stock markets again edged in and out of positive territory on Wednesday, but ...
BRUSSELS, Belgium: A document released by the European Union this week revealed that the bloc and its development finance institutions ...
WARSAW, Poland: As Poland's main interest rate remains at its highest level since 2008, boosting the profits of Polish banks, ...
SYDNEY, NSW, Australia - Stocks across Asia lost ground on Wednesday, although the New Zealand market defied the regional trend ...
LONDON, England: After EasyJet canceled thousands of flights this summer to limit the disruption caused to passengers from both air ...
DETROIT, Michigan, global shortage of computer chips, vehicles, Detroit automaker, General Motors, GM's total salesDETROIT, Michigan: The global shortage of ...
BERLIN, Germany: Karl Lauterbach, Germany's health minister, has said that he will encourage family doctors to issue more prescriptions for ...
PARIS, France: According to projections and interviews by the Associated Press in 11 countries, tourism officials have said they expect ...
TRENTO, Italy: Record warm temperatures caused a mountain glacier in the Italian Alps to collapse on July 3, killing at ...
WASHINGTON D.C.: The Department of Homeland Security (DHS) will assist Qatar with security during the 2022 World Cup, which begins ...
PARIS, France: Signaling further disruptions for summer travelers, workers at Roissy-Charles de Gaulle Airport said they would go on strike ...
SOFIA, Bulgaria: Russian diplomats and their families departed Bulgaria over the weekend, amidst heightened tensions between the two eastern European ...