-
Stocks fall sharply as Target’s woes renew inflation fears
The Dow Jones Industrial Average sank more than 1,100 points Wednesday, as big earnings misses by Target and other major retailers stoked investors’ fears that surging inflation could cut deeply into corporate profits. The broad sell-off erased gains from a solid rally a day earlier, the latest volatile day-to-day swing for stocks in recent weeks amid a deepening market slump. The S&P 500 fell 4% as of 3:16 p.m. Eastern. The benchmark index is now down more than 18% from the record high it reached at the beginning of the year. That’s shy of the 20% decline that’s considered a bear market. The Dow was down ... (full story)