Wall Street stocks fall as inflation data fuels rate hike fears

ABU DHABI, 13th July, 2022 (WAM) — Wall Street’s main indexes slid on Wednesday after inflation data fanned fears that the Federal Reserve might take a more aggressive stance on interest rate hikes, potentially tipping the economy into a recession, Reuters reported.

The Dow Jones Industrial Average dipped 273.7 points, or 0.88 percent, at 30,707.5 points; while S&P 500 index declined by to 44.3 points, or 1.2 percent, to reach 3772 points.

Meanwhile, the Nasdaq Composite Index, which is dominated by technology shares, fell by 152 points, or 1.17 percent, at 11137.3 points.