The Dow Jones Industrial Average fell 164.62 points, or 0.48 per cent, to 33,896.04, the S&P 500 lost 12.15 points, or 0.29 per cent, to 4,115.68 and the Nasdaq Composite dropped 3.90 points, or 0.03 per cent, to 13,299.74.
Strong inflation readings and signs of a worker shortage in recent weeks have fueled fears and roiled stock markets despite reassurances from Fed officials that the rise in prices would be temporary. Volume on US exchanges was 10.70 billion shares, compared with the 10.60 billion average for the full session over the last 20 trading days.
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