US closes lower after inflation hits 41-year high

Wednesday, 13. July 2022 22:02

Major stocks on Wall Street closed Wednesday's trading session with losses, following the release of the report on the country's inflation which has reached its highest level since November 1981, hitting 9.1% as prices of gasoline and food continue to rise.

The negative sentiment was prompted by recession fears across the United States, as multiple districts reported signs of slowing demand, which harmed the manufacturing activity.

The Dow Jones Industrial Average plunged by 200 points or 0.68% at the closing bell, with the UnitedHealth Group Inc losing 2.56%. The Nasdaq 100 dropped by 0.14%, with Zoom Video Communications, Inc. nosediving 6.46%. The S&P 500 closed the trading session, plummeting by 0.45%. Fastenal Company was its worst performer, sinking by 6.44%.

The euro gained 0.20% against the dollar, to change hands for 1.00586 at 3:55 pm ET.

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Author:
Baha Breaking News (BBN) / AB