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Wall Street falls amid rate hike concerns
Wall Street indices closed with widespread declines due to inflation rates coming in higher than expected, raising investor concerns about the Federal Reserve possibly raising interest rates again. The Nasdaq Composite experienced a sharp decline of 1.85%, ending at 26,701.48 points, led by a drop in major technology stocks. The S&P 500 declined by 1.08%, reaching 7,721.49 points, while the Dow Jones Industrial Average fell by 0.09%, closing at 51,624.78 points. Forecasting tools indicated that the chances of an interest rate hike increased to 37% after the annual inflation rate reached 3.7%, driven by rising gasoline and fuel prices, which hinder stock gains and negatively impact technology and growth sectors.
Notice: This Is an AI-Generated Summary
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