Stock market news today: Inflation worries sink equities

US stocks dropped Thursday as worries about inflation remained on center stage after the release of wholesale-level data and hawkish comments from a Federal Reserve official. Cleveland Fed President Loretta Mester

said she saw"a compelling economic case for a 50-basis-point increase" in the fed funds rate at the previous meeting of policymakers, who instead raised rates by half that. Stocks were already losing ground after the Labor Department's producer price index report showed wholesale prices climbed 0.7% in January after they fell by 0.2% in December. The headline rate of 6% year over year marked a decline from 6.5% in December year on year.

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