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Wall Street Tumbles After Weak Economic Reports; Raising Fears Of Stagflation

Wall Street experienced a significant decline following the release of disappointing economic reports, which heightened concerns about stagflation—a combination of stagnant economic growth and high inflation. The Dow Jones Industrial Average dropped by 336.46 points, or 1%, closing at 33,012.14, while the S&P 500 fell by 1.16% to 4,064.45, and the Nasdaq Composite decreased by 1.52% to 11,931.25. The downturn was triggered by a report from the Institute for Supply Management indicating a contraction in the U.S. services sector, alongside a Labor Department report showing an unexpected rise in unemployment claims. These developments, coupled with persistent high inflation, have led investors to worry about the Federal Reserve's ability to manage economic growth and price stability, prompting a sell-off in the market.

Read the Full RepublicWorld Article at:
[ https://www.republicworld.com/business/wall-street-tumbles-after-weak-economic-reports-raising-fears-of-stagflation ]