Wall Street Slips on Hot US Inflation
Wall Street indexes fell as a hotter inflation report boosted rate hike bets. Bank of America dropped after lower profit, while chip stocks also declined.
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United States equities fell on Wednesday after a hotter-than-expected inflation report drove traders to price in a near-term interest rate hike. The S&P 500 lost 46.65 points, or 0.60%, to close at 7,758.80. The drop reflects growing investor concern that persistent price pressures will keep monetary policy restrictive through year-end.
