U.S. stocks can't hold onto an early gain and resume falling
Banks and energy companies led a broad slide for stocks on Wall Street on Tuesday, handing the Standard & Poor’s 500 index its sixth loss in the last seven trading days.
“There are still inflationary pressures even if they [consumer prices] came in lower than expected,” said Kristina Hooper, chief global market strategist at Invesco. “It doesn’t mean that it’s over.”The S&P 500 fell 25.68 points to 4,443.05. The Dow Jones industrial average dropped 292.06 points, or 0.8%, to 34,577.57. The Nasdaq composite fell 67.82 points, or 0.5%, to 15,037.76.
Inflation has been a key concern for investors, who are trying to gauge how it will affect both the economy’s recovery and the Federal Reserve’s policy on maintaining low interest rates. The central bank has said higher costs for raw materials and consumer goods will probably remain temporary as the economy recovers, but analysts are concerned that the higher prices could stick around and hurt companies’ bottom lines while also crimping spending.
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