Dow Drops 638 Points As Investors Await Inflation Data

U.S. stocks fell on Thursday as investors hedged their bets ahead of the key inflation report due out Friday. The report may influence the Federal Reserve’s pace of interest rate hikes. Most economists anticipate inflation will remain steady at 8.3%.

The S&P 500 ended the session down 2.4% losing 97 points and closing the day at 4017.82 while the Dow Jones Industrial Average lost 1.9% or 638 points and the Nasdaq Composite index plunged nearly 3%, or 332 points.

Overseas, the European Central Bank said it would increase its key interest rate from negative 0.5% to zero or perhaps higher by September. Like the U.S., Europe is struggling with rising inflation.

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