6/16, 10:01 PM (Source: TeleTrader)
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US plummets at close amid inflation worries

Major stock indexes in the United States tumbled at the close on Thursday, as worries over rising inflation continue to mount after yesterday's Federal Open Market Committee's decision to increase the federal funds rate by 0.75 percentage points.

On the data side, the average mortgage rates in the United States climbed to the highest level since 2008, while the US housing starts dropped by 14.4%. Additionally, the number of the US initial jobless claims decreased by 3,000.

The Dow Jones plunged 2.42% or 740 points at the closing bell, with American Express Co's 5.93% loss. The Nasdaq 100 lost 4.02% at the same time, pulled down by Lucid Group's 11.24% drop. The S&P 500 slid 3.24% at the close, with Royal Caribbean Group as its worst performer with an 11.44% fall.

The euro traded 1.11% higher against the dollar at 3:59 pm ET, selling for $1.05588.

Baha Breaking News (BBN) / TB