Stocks fell on Friday as worries that this year’s rate cuts from the Federal Reserve might not come until later than expected were exacerbated by yet another soaring inflation data.
In the end, the Dow Jones Industrial Average dropped 145.13 points, or 0.37%, to close at 38,627.99, while the S&P 500 sank 0.48% to finish at 5,005.57. At 15,775.65, the Nasdaq Composite had a loss of 0.82%.
The week ended with all three major indices closing lower than they had started, snapping five-week winning streaks. The Dow fell 0.11% while the S&P 500 finished the week down 0.42%. The NYSE fell 1.34 percent.
The wholesale inflation gauge, the producer price index, rose by 0.3% in January. A 0.1% rise was predicted by Dow Jones economists. When food and energy are taken out, the core PPI grew by 0.5%, higher more than the 0.1% advance predicted.
Source (CNBC)
