Stocks closed lower on Wall Street Tuesday as traders took in the latest sign that inflation is still running high ahead of the Federal Reserve’s last meeting of the year. The latest report on inflation showed that wholesale prices jumped a record 9.6% in November from a year earlier. The department's producer price index measures inflation before it reaches consumers. Technology stocks were the biggest drag on the market. Microsoft fell 3.3% and Adobe slid 6.6%, the AP reports. The S&P 500 fell 34.88 points, or 0.7%, to 4,634.09. The Dow Jones Industrial Average fell 106.77 points, or 0.3%, to 35,544.18. The Nasdaq fell 175.64 points, or 1.1%, to 15,237.64.
Businesses have been dealing with supply chain problems and higher costs for months. It has been a key concern for investors as big companies pass those costs off to consumers, who have so far been absorbing higher prices on everything from groceries to clothing and other consumer products. On Friday, the Labor Department reported that consumer prices surged 6.8% for the 12 months ending in November, the biggest increase in 39 years. The discouraging reports on inflation preceded the last two-day meeting of the Federal Reserve this year, which started Tuesday. The central bank is expected to speed up the withdrawal of economic stimulus measures in the face of rising inflation.
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