Inflation Hits 40-Year High, Stocks Suffer Stocks dropped sharply on Friday after a highly anticipated inflation report showed a faster-than-expected rise in prices and consumer sentiment hit a record low. The Dow Jones Industrials plummeted 880.43 points, or 2.7%, to 31,392.79. The SP 500 handed back 116.96 points, or 2.9%, to 3,900.86. The NASDAQ Composite plunged 414.2 points, or 3.5%, to 11,340.02. The selloff was broad, with nearly every member of the 30-stock Dow in the red. Declining stocks outnumbered advancing ones on the New York Stock Exchange by roughly nine to one. Apple dropped 3.9%, while Microsoft declined 4.5% and Dow, Inc. dropped 6.1%. Salesforce sank 4.6%, and Amazon fell more than 5%. Friday’s declines mean Wall Street suffered its worst week in months. The Dow fell 4.58% for its 10th down week in the past 11. The SP 500 and toppled 5.05% and the NASDAQ Composite lost 5.6%, for their ninth losing week in 10 and the worst week since January. The hot inflation reading could lead traders to price in more rate hikes from the Federal Reserve later this year.