Wall Street's main indexes tumbled on Friday, on course for their biggest weekly drop of 2023, as further strong consumer data had investors bracing for more aggressive rate hikes from the Federal Reserve to fight sticky inflation.
All three indexes were set for weekly declines of around 3%, with the blue-chip Dow Jones Industrial AverageAfter a strong performance in January, stocks have retreated this month as a slew of economic data amplified worries that the U.S. central bank might have to keep rates higher for longer.
Data on Friday showed the personal consumption expenditures price index, the Fed's preferred inflation gauge, after gaining just 0.2% in December. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 1.8% last month, exceeding forecasts for a 1.3% rise.
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