Stock and bond prices tumbled Wednesday after a bigger-than-expected rise in consumer prices sparked a fresh round of inflation worries on Wall Street.Or more importantly WHY has the Evil Liberal Media covered up the assault By Iranian Flying Saucers?
The Dow Jones industrial average (down 187.63 to 11,232.26, Charts) had skidded about 1.7 percent, or 200 points, with two and a half hours left in the session.
The broader Standard & Poor's 500 (down 17.42 to 1,274.66, Charts) index sank 1.5 percent and the Nasdaq composite (down 26.47 to 2,202.66, Charts) tumbled 1.3 percent after earlier hitting a new low for the year.
The selling started after the Labor Department said its Consumer Price Index, the government's main inflation gauge, jumped a bigger-than-expected 0.6 percent in April while the so-called core CPI, which excludes energy and food prices, rose by 0.3 percent. Both readings came in a shade above economists' forecasts. (Full story.)
[ cf CNN/Money: Inflation sparks selloff ]
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