Stocks fall on Wall Street as inflation fears continue to grip investors
CBSN
Stocks fell in afternoon trading on Wall Street Tuesday as the broader market remains gripped by uncertainty over pervasive inflation, rising interest rates and the potential for a recession.
The S&P 500 slipped 66 points to 3,834, or 1.7% as of 2:52 p.m. Eastern time. The Dow Jones Industrial Average fell 400 points, or 1.3%, to 31,038 and the tech-heavy Nasdaq fell 2.6%.
The Conference Board reported that consumer confidence fell in June to its lowest level in more than a year, driven largely by concerns over inflation including rising prices for gas and food. The results were also much weaker than economists expected.
Business owners said that a Supreme Court ruling on Friday striking down sweeping U.S. tariffs could spell relief by lowering their costs and potentially leading to refunds. Edited by Alain Sherter
Washington — The Supreme Court on Friday ruled President Trump does not have the authority to unilaterally impose sweeping tariffs on nearly every country under a federal emergency powers law, delivering a significant blow to the president's signature economic policy.
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