Laffer Tengler Investments CEO and Chief Investment Officer Nancy Tengler in The Associated Press

S&P 500, Dow, Nasdaq all tumble as rate pressures grow, inflation report looms

Stocks closed sharply lower on Wall Street Thursday following the latest reminder that central banks now care more about fighting inflation than propping up markets.

The Dow Jones Industrial Average fell 638.11 points, or 1.94%, to close at 32,272.79. The S&P 500 dropped 2.38% to settle at 4,017.82, and the Nasdaq Composite shed 2.75% to come in at 11,754.23.

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