Dow plummets more than 1,250 points amid inflation rising faster than expected
Wall Street has had its worst day since June 2020 as inflation reading is hotter than expected. It is reported the Dow dropped more than 1,250 points. Nasdaq drops 632 points.
Year To Date:
NASDAQ: -25.64%
S&P 500: -17.49%
DOW: -14.4%
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The CPI reduction was less than anticipated and market players believe the Fed will continue its aggressive rate hikes in the next months.
Bitcoin extended drop 10% on stronger dollar.
The price of crude oil is still hovering around $90 a barrel on reports the Biden Administration are looking to start refilling the emergency strategic oil reserve, which is now in its lowest level since 1984 once Crude Oil prices start to dip below $80/barrel. So far no denial.
