Dow plunges 300 pts as US inflation surges

Wednesday, 12. May 2021 16:59

Major stock markets on Wall Street extended losses on Wednesday on news inflation in the United States surged to 4.2% last month to mark a 12-year high.

Commenting on the data, Federal Reserve Vice Chairman Richard Clarida argued inflation is likely to rise further before returning to 2% or slightly above within the next two years. However, Clarida said that the Fed would intervene if inflation figures jump out of mandated goals.

The Dow Jones tumbled 0.86% or 295 points at 12:00 pm ET, while the Nasdaq 100 declined 2.16% or 288 points. The S&P 500 lost 1.19%. Meanwhile, the euro fell 0.58% against the dollar to sell for 1.20760.

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