NEW YORK: U.S. stocks posted their biggest weekly percentage declines since January and ended sharply lower on the day Friday as a steeper-than-expected rise in U.S. consumer prices in May fueled fears of more aggressive interest rate hikes by the Federal Reserve.
Tech and growth stocks, whose valuations rely more heavily on future cash flows, led the decline. Microsoft Corp MSFT.O, Amazon.com Inc AMZN.O and Apple Inc AAPL.O drove losses in the S&P 500.
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