Stocks plummet and S&P 500 sees worst first half in more than half a century as US data shows persistently high inflation pinching consumer spending
A series of bad inflation readings have prompted the US Federal Reserve to undertake increasingly aggressive measures to try to rein in growth and pricing pressures.
The Dow Jones Industrial Average shed 0.8 percent to 30,775.43, while the tech-rich Nasdaq Composite Index tumbled 1.3 percent to 11,028.74. Two weeks ago, the central bank enacted supersized three-quarters of a point interest rate hike, the biggest increase in nearly 30 years. Markets are weighing whether to expect the same thing in July.Commerce Department data showed spending rose just 0.2 percent in May, less than half the increase in April and part of a steady downward drift as consumers pull back amid surging prices.
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