Thursday, September 23, 2021

US Market experiences fall over slower-than-expected rise in inflation

Wall Street, the Dow Jones and S&P 500 indexes fell yesterday, dragged down by financial stocks, after data showing a slower-than-expected rise in US inflation led to uncertainty over the US Federal Reserve’s time-line to taper monetary stimulus.

Data from the Labor Department showed underlying consumer prices rose at their slowest pace in six months in August, suggesting that inflation had probably peaked.

The consumer price index, excluding the volatile food and energy components, edged up 0.1 percent last month.

That was the smallest gain since February and followed a 0.3 percent rise in July.

So, the Dow Jones Industrial Average fell dropped 292 points, or 0.8 percent, to close at 34,578.

The S&P 500 lost 26 points, or 0.6 percent, to end at 4,443. The Nasdaq Composite shed 68 points, to 15,038.

Investors are focusing on the potential passage of US President Joe Biden’s 3.5 trillion dollars budget package, which is expected to include a proposed corporate tax rate hike to 26.5%, from 21%.

- Advertisement -
Latest news

Assam govt orders enquiry into death of two persons during eviction drive

Assam government has ordered an enquiry into the death of two persons and injury of several during an eviction drive at Dholpur in Darrang...

Blackstone CEO Stephen Schwarzman says, India has been its best market for investment in the world

World’s leading investment company Blackstone CEO Stephen Schwarzman today said, India has been its best market for investment in the world. After meeting Prime...

General Atomic CEO Vivek Lall lauds India’s policies and reforms in the field of drones

General Atomic CEO Vivek Lall lauded India’s policies and reforms in the field of drones. After meeting Prime Minister Narendra Modi, Mr Lall said...

PM Modi and Mark Widmar, CEO of First Solar agree on enhancement of manufacturing of Solar in India

Prime minister Narendra Modi and Mark Widmar, CEO of First Solar agreed on enhancement of the manufacturing of Solar in India. AIR correspondent quoting...
Related news

Assam govt orders enquiry into death of two persons during eviction drive

Assam government has ordered an enquiry into the death of two persons and injury of several during an eviction drive at Dholpur in Darrang...

Blackstone CEO Stephen Schwarzman says, India has been its best market for investment in the world

World’s leading investment company Blackstone CEO Stephen Schwarzman today said, India has been its best market for investment in the world. After meeting Prime...

General Atomic CEO Vivek Lall lauds India’s policies and reforms in the field of drones

General Atomic CEO Vivek Lall lauded India’s policies and reforms in the field of drones. After meeting Prime Minister Narendra Modi, Mr Lall said...

PM Modi and Mark Widmar, CEO of First Solar agree on enhancement of manufacturing of Solar in India

Prime minister Narendra Modi and Mark Widmar, CEO of First Solar agreed on enhancement of the manufacturing of Solar in India. AIR correspondent quoting...