DOW Jones suffers worst single day since March 2023 after inflation numbers came in high

Preceding the fall was the Labor Department's monthly Consumer Price Index report revealing that prices increased 0.3% in January, putting inflation at an annual rate of 3.1%.

By Ben Whedon

Published: February 13, 2024 4:23pm

The DOW Jones Industrial Average closed down more than 500 points on Tuesday in the wake of inflation data showing more substantive consumer price increases than expected.

The key index dropped 524.63 points, a net decrease of (1.35%) and closed at 38,272.75. The Tuesday close marked the worst day for the DOW since March of last year in terms of the percent drop, according to CNBC.

Preceding the fall was the Labor Department's monthly Consumer Price Index report revealing that prices increased 0.3% in January, putting inflation at an annual rate of 3.1%. Economists had anticipated a 2.9% annual rate and a 0.2% monthly increase.

Both developments are likely bad news for President Joe Biden, who has heavily touted his "Bidenomics" agenda, but maintains low marks on both inflation and the economy as a whole. On inflation, he earns an average 36.3% approval, according to RealClearPolitics. On the economy more broadly, he averages 39.0%.

Ben Whedon is an editor and reporter for Just the News. Follow him on X, formerly Twitter.