Stocks plunge after hotter-than-expected inflation report
CBSN
U.S. stocks plunged on Tuesday amid Wall Street's sudden realization that inflation isn't slowing as much as hoped.
A hotter-than-expected inflation report sent a thud through Wall Street and markets worldwide. The Consumer Price Index increased 8.3% in the past 12 months, as rising prices for food, shelter and medical care offset tumbling gasoline prices.
While month's increase was lower than July's 8.5% jump, it was higher than the 8.1% economists had expected, showing prices remain uncomfortably high.
Embattled aircraft giant Boeing Wednesday argued to the Justice Department that the company has upheld its end of a 2021 deferred prosecution agreement, and pushed back at federal prosecutors who wrote last month that the plane manufacturer has violated the deal and risked being prosecuted, two people familiar with the discussions confirmed to CBS News.