The Dow Jones fell almost 800 points on Friday – this comes after May’s inflation report was released showing it increase 8.6%.
Markets are poised for yet another week of losses after steep drops on Friday.
The Dow (INDU) dropped nearly 800 points on Friday afternoon after a key inflation report missed estimates and showed a higher-than-anticipated increase in the price of consumer goods.
The May consumer price index rose 8.6% year-over-year, its highest level since 1981. Economists had forecast an 8.3% increase. The core index, which excludes ood and energy prices rose by 6%, slightly higher than estimates of 5.9%.
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