Wall Street closes lower as inflation hits 40-year high, inviting aggressive Fed rates tightening

The Dow Jones Industrial Average .DJIfell 112.18 points, or 0.34%, to 33,174.07, the S&P 500 .SPXlost 18.36 points, or 0.43%, to 4,259.52 and the Nasdaq Composite .IXICdropped 125.58 points, or 0.95%, to 13,129.96.Six the 11 major sectors in the S&P 500 closed in negative territory with tech .SPLRCT suffered the biggest percentage drop, while energy shares .SPNY saw the largest gain.

NEW YORK: Wall Street resumed its slide on Thursday, ending in the red as inflation hit a four-decade high, cementing expectations that the U.S. Federal Reserve would hike key interest rates at the conclusion of next week's monetary policy meeting to prevent the economy from overheating.

Looming uncertainties surrounding Russia's invasion of Ukraine also helped convince market participants to recommence their flight to safety.