Stock Market Crash: Worst Day in Over Two Years

Spencer Brown / Townhall Tipsheet

 

The stock market closed on Tuesday afternoon after its worst day since June 2020 following the morning's release of Consumer Price Index data that showed prices continued to rise in August to a 12-month 8.3 percent while core inflation doubled its expected increase for last month. 

By market close the S&P 500 was down more than 4.3 percent to 3,932.69, the Dow Jones Industrial Average had shed 1,276.37 points — or 3.94 percent — and the Nasdaq Composite was down more than 5 percent to 11,633.57. If this was part of Biden's Build Back Better policy agenda, he must have forgotten to mention it.

Tech companies were among the hardest hit in the selloff, with Facebook losing nearly 10 percent of its value — more than $40 billion — while the market as a whole lost more than $1.5 trillion. Read more, see tweets and video here.