Wall Street veered sharply into the red on Friday following a new reading that was worse that economists had expected, fanning worries about more aggressive steps by the to tame .At 10am, the Dow was down 751 points, or 2.33 percent. The S&P 500 lost 2.56 percent and the Nasdaq composite was down 2.99 percent.The Labor Department's report on Friday showed that the jumped 8.6 percent in May from a year ago, the fastest increase since December 1981 and much hotter than expected, a sign that inflation has not yet peaked.
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