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9/13/2022, 10:00 PM (Source: TeleTrader)
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Dow closes 1,270 pts lower on Fed rate raise, inflation fears

Major stock market indexes in the United States closed lower on Tuesday amid the concerns the Federal Reserve could fight the rising trend in inflation by raising key interest rates further. Earlier in the day, the report on its annual inflation in August was released, revealing an increase of 23.8% in the prices of energy.

The Dow Jones Industrial Average closed 3.94% or 1,276 points lower as The Boeing Corporation plunged by 7.19%. The Nasdaq 100 went down by 5.54% or 706 points, with Nvidia Corporation sinking by 9.47%. The S&P 500 decreased by 4.32% or 177 points as Eastman Chemical Corporation nosedived by 11.34%. The indexes thus suffered their biggest one-day losses since June 11, 2020.

The euro lost 1.49% to the dollar at 3:58 pm ET to sell for $0.99718.

Baha Breaking News (BBN) / JR