Dow dives 800 points, S&P 500 posts worst week since January

[superadmin]

Dow dives 800 points, S&P 500 posts worst week since January after inflation hits 40-year high

Stocks dropped sharply on Friday after a highly anticipated inflation report showed a faster-than-expected rise in prices and consumer sentiment hit a record low.

The Dow Jones Industrial Average shed 880 points, or 2.73%, to close at 31,392.79. The S&P 500 fell 2.91% to settle at 3,900.86. The Nasdaq Composite sank 3.52% to 11,340.02.

The sell-off was broad, with nearly every member of the 30-stock Dow in the red. Declining stocks on the New York Stock Exchange outpaced advancing ones by more than 5 to 1.

Apple dropped nearly 3.9%, while Microsoft and Dow, Inc. slid about 4.5% and 6.1%, respectively. Salesforce sank 4.6%, and Amazon fell more than 5%.

- More -