JUST IN: Stocks plummet. Dow drops almost 1300 points after worse than expected inflation data.
Traders work on the floor of the New York Stock Exchange during trading on Sept. 6 in New York City. Markets slumped on Monday after the latest inflation data was worse than expected, raising fears the Federal Reserve will need to continue raising interest rates aggressively.Traders work on the floor of the New York Stock Exchange during trading on Sept. 6 in New York City.
The Dow Jones Industrial Average fell nearly 1,300 points, while the tech-heavy Nasdaq fell by about 5%, and the broad-based S&P 500 fell by about 4%.The latest consumer price index showed prices rose by 8.3% in August from a year earlier. While that was less than in June, inflation didn't slow as much as Wall Street had expected.