With hotter-than-expected inflation data leading to renewed concerns about the outlook for interest rates, stocks moved sharply lower during trading on Thursday. The major averages showed a significant pullback after turning positive over the course of Wednesday's session.
The major averages regained ground after an initial sell-off but once again came under pressure in the final hour of trading. The Dow slumped 431.20 points or 1.3 percent to 33,696.85, the Nasdaq plunged 214.76 points or 1.8 percent to 11,855.83 and the S&P 500 tumbled 57.19 points or 1.4 percent at 4,090.41.
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