Wall St suffers biggest weekly loss since January after hot CPI data

The Dow Jones Industrial Average .DJI fell 880 points, or 2.73%, to 31,392.79; the S&P 500 .SPX lost 116.96 points, or 2.91%, to 3,900.86; and the Nasdaq Composite .IXIC dropped 414.20 points, or 3.52%, to 11,340.02. The major indexes registered their biggest weekly percentage drops since the week ended Jan. 21, with the Dow down 4.58%, the S&P 500 down 5.06% and the Nasdaq down 5.60% for the week.

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.