Stocks sink, dollar rises as data fuels inflation, rate hike worries

By Sinéad Carew and Caroline Valetkevitch (Reuters) – Wall Street’s major stock indexes all fell more than 1% while the dollar hit a six-week peak and Treasury yields climbed on Thursday after data showed higher-than-expected U.S. producer prices for January while jobless claims fell, underscoring the view the Federal Reserve would need to keep aggressively tightening policy to fight inflation. The number of Americans filing for unemployment benefits unexpectedly fell by 1,000 last week to a seasonally adjusted 194,000, according to the Labor Department. This was below economist forecasts for …

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