Like it or not the shadow of inflation continues to cast a long shadow over the markets and the economy. No surprise then that Wall Street lost ground on Wednesday as surging consumer prices fueled fears of a longer-than-expected wave of heightened inflation. As a result, all three major U.S. stock indexes were in negative territory, extending their losses and adding to Tuesday’s sell-off which snapped the S&P 500’s and Nasdaq’s eight-session runs of all-time closing highs.
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