After a 1.7% rebound in energy prices, the Consumer Price Index rose 0.3% in January, in line with expectations. The core rate, which strips out food and energy, was up 0.2%, just above the forecast of 0.1%. Year-over-year, core inflation dipped from 1.8% to 1.7%. The headline rate was unchanged.
The Dow Jones Industrial Average lost 100 points (1.3%) to close at 7,366, the S&P 500 Index fell 9 points (1.1%) to 770, and the Nasdaq Composite declined 1 point (0.1%) to 1,441. Crude oil fell $0.15 to $40.03 per barrel, and gold rose $18.63 to $993.28 per ounce. For the week, the DJIA fell 6.0%, the S&P 500 Index lost 6.8%, and the Nasdaq Composite decreased 6.0%.
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