Wall Street ended the session in negative territory on Wednesday as investor risk appetitive was curbed by surging consumer prices, which stoked worries of a protracted wave of hot inflation.
All three major U.S. stock indexes lost ground, extending their losses throughout the trading day and adding to Tuesday's sell-off which snapped the S&P 500's and Nasdaq's eight-session runs of all-time closing highs.
The Labor Department's consumer price index , delivered a hotter-than-expected jump of 0.9% and the fastest year-on-year gain in 31 years.The report hinted that the persistently tangled global supply chain could result in the current inflation wave taking longer to abate than many - including the U.S. Federal Reserve - had hoped.
And Gregory Daco, chief economist of Oxford Economics, believes this report means current price spikes have some staying power.
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