Major U.S. stock indices ended a sharp decline on Friday, after a read of inflation in May showed no signs of slowing the high cost of living. The Dow Jones Industrial Average
Decreased by 881 points, or 2.7%, and ended near 31,392, while at the same time ordering a weekly slip of 4.6%. This marked the worst daily percentage decline for the Blue Index since its 3.6% drop on May 18, according to FactSet data. S&P 500 Index
A decrease of 2.9% and the Nasdaq Composite Index
Closed down 3.5%. A Surprisingly hot reading of the Consumer Price Index May saw annual U.S. inflation rise to 8.6%, reaching a 40-year high of 8.5% seen in March. Investors were nervous about the significance of high inflation for the Federal Reserve’s plan to raise interest rates significantly this year. Even more aggressive for higher interest rates this summer: During the week, the S&P 500 closed down 5.1% and the Nasdaq fell 5.6%, according to FactSet.