The August inflation report was much hotter than expected. The blue chip index fell more than 1,200 points, its worst day in over a year.
Inflation rose in August compared to the previous year. The expected 8.1% was higher than the actual 8.1%. Falling gas prices did not deter the hot reading.
Saturated energy prices and food prices increased in August compared to a year ago.
The July and June readings were the highest in four decades.
The senior market strategist at the New York Stock Exchange said that the Treasury Secretary didn't get a sneak peek at the data. The data was disappointing and related to core inflation which showed gains across components.
There have been seven one day drops of 4% or more so far this year. In the next two years, there were zero and 10.
The market closed at 4:00pm on Tuesday.
The US is at the center of a global financial bubble, and a crushing recession is on the way.
The global economy will avoid a downturn and inflation will resolve itself, so now is a good time to buy stocks, according to a JP Morgan analyst.
The US is bracing for railroad strikes, but according to Goldman, markets shouldn't view that as a "black swan" event because of the tight labor market.
An emergency meeting of European ministers will take place this month to discuss energy costs. European Commission President Ursula von der Leyen is expected to propose ways to bring down prices.
Asian utilities are storing fuel oil because of the shortage of natural gas. Fuel-oil purchases in Japan hit a four-year high in August.
Saudi Arabia added a $412 million bet on tourism as it acquired a 30% stake in Almosafer Travel and Tourism.
The price of oil fell with West Texas Intermediate down. The international benchmark was down by 0.49% to $93.45 a barrel. The Biden administration is said to be considering buying oil to refill the strategic oil reserve.
The price of gold was 1,713.30 ounces. The 10-year yield went up.
The price of the digital currency dropped to $20,233.45.
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