June 11, 2022, 05:41 PM ISTSource: AP
Stocks fell sharply on Friday after Wall Street’s cold realization that inflation last month got worse, not better, as investors were hoping. The S&P 500 ended its ninth week in the last 10, down 2.9%. The Dow ended 880 points lower at 31,392. Nadak fell 414 points to close at 11,340. Wall Street came on Friday in the hope that a much-anticipated report would show that inflation, the worst in generations, slowed a touch last month and reached its peak. Instead, the US government said inflation rose to 8.6% in May from 8.3% a month earlier. The Federal Reserve has begun raising interest rates and taking other steps to slow the economy in hopes of easing inflation.