U.S. Stocks Tumble On Red-hot Inflation

NEW YORK, Feb. 11 (UrduPoint / Pakistan Point News - 11th Feb, 2022 ) --:U.S. stocks posted heavy losses on Thursday due to higher-than-expected inflation in January and expectations for more aggressive monetary tightening.

The Dow Jones Industrial Average was down 526.47 points, or 1.47 percent, to 35,241.59. The S&P 500 fell 83.10 points, or 1.81 percent, to 4,504.08. The Nasdaq Composite Index fell 304.73 points, or 2.10 percent, to 14,185.64.

All the 11 Primary S&P 500 sectors ended in red, with real estate and technology down 2.

86 percent and 2.75 percent, respectively, leading the losses.

Yields on U.S. 2 Year Treasury Note shot up 22.9 basis points, ending at 1.587 percent. Meanwhile, yields on U.S. 10 Year Treasury Note topped 2 percent, the highest level since August 2019.

U.S. stocks finished broadly lower on Thursday as another hotter-than-expected inflation reading further fueled expectations for aggressive monetary policy tightening from the Federal Reserve, said a note by U.S. financial services firm Wells Fargo Advisors.