US STOCKS-Wall St slides as economic data stokes inflation and interest rate worries ...Middle East

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US STOCKS-Wall St slides as economic data stokes inflation and interest rate worries
source : Devdiscourse ( Middle East ) () 40
Wall Street's three major averages closed lower on Wednesday with the Nasdaq leading declines after stronger-than-expected services sector data fueled concerns that still sticky inflation would mean that interest rates stay higher for longer. The Institute for Supply Management (ISM) said on Wednesday that its non-manufacturing Purchasing Managers' Index rose to 54.5 last month against expectations of 52.5, while a gauge of prices paid by service-sector businesses for inputs increased.

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