Stock Market Today: S&P Inches Toward Bear Market
Another red-hot producer price index reading sent stocks on a choppy ride to modest losses Thursday.
A day after Wall Street was told consumer prices continued to rise at an uncomfortably rapid rate in April, it learned the same about producer prices. The result was another choppy session that saw many stocks finish in the red.
The Bureau of Labor Statistics said Thursday that the producer price index (PPI) roared ahead by another 11% year-over-year last month – only a hair slower than March’s record 11.5% print, and a touch higher than expectations.
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