Dow tumbles 680 points as prices surge, spooking investors

The Dow finished nearly 2%, or 682 points, lower, marking its worst performance since January.

“This was a number that we expected,” said Kristen Bitterly, regional head of investments for North America at Citi Private Bank.

Last months’ jobs report was a big miss, showing just 266,000 jobs added to the economy, when analysts expected nearly a million, for example.

“There’s a lot of volatility month to month.

“Many people are still saying that their unemployment is temporary,” he added.

The CNN Business Fear & Greed Index fell into “fear” territory Wednesday for the first time since March.

Add that up and you have a classic market panic.

Economic data ahead of the opening bell showed that US consumer price inflation was higher than economists had predicted in April.

Just about everything is getting more expensive in the United States as the stimulus-fueled economy rebounds, sending Americans back to shops and restaurants.

Price increases, supply chain problems and shortages have become hot-button issues for the global economy as it recovers from the pandemic shock of 2020.

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