Dow closes down over 680 points on inflation fears

NEW YORK, NY — Stocks pulled back again on Wall Street after a surprisingly big jump in inflation last month worsened worries among investors that the economy may run too hot as it bounces back from its pandemic-induced recession.

The Dow Jones Industrial Average was down over 680 points at market closing time on Wednesday afternoon.

Tech giants, which had soared during the past year of lockdowns, took some of the biggest losses.

The slump put major indexes on track for their worst weekly losses since October.

The S&P 500 lost 2.1% Wednesday, bringing its drop so far this week to 4%.

Bond yields snapped higher after the government reported that consumer prices rose in April at the fastest year-over-year rate since 2008.