NEW YORK: Wall Street's major averages fell on Wednesday after stronger-than-expected inflation data stoked fears of tighter monetary policy to combat a possibly longer period of inflation.
The Labor Department's data showed U.S. consumer prices increased by the most in nearly 12 years in April as booming demand amid a reopening economy pushed against supply constraints. Excluding the volatile food and energy components, it soared 0.9%, the largest gain since April 1982.
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