Economy

US stock market opens lower

Rise in inflation adds to pressure on the Fed to hike interest rates

14.09.2017 - Update : 14.09.2017
US stock market opens lower

New York

By Ovunc Kutlu

NEW YORK

The stock market opened lower Thursday as rising inflation brought fears that the Federal Reserve is closer to a rate hike.

The consumer price index rose 0.4 percent in August, or 1.9 percent year-on-year, the Commerce Department announced earlier.

The annual level is getting closer to the Fed's 2 percent inflation target, and the bank may feel pressure to raise its benchmark interest rate on Sept. 20, according to experts.

With the fears that a rate hike now looks more likely, investors have taken a sell-off position in the stock market.

The Dow fell 8 points to begin trading at 22,149 points, and the S&P 500 lost 5 points to open at 2,492 points.

The Nasdaq decreased 26 points to start the day at 6,433 points.

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