Stock Market Today: Dow Sinks 1,276 Points After Alarming CPI Report

Stocks were crushed Tuesday as the latest inflation update showed consumer prices remained elevated in August – dashing hopes that price pressures had peaked.

Looking at the numbers, the Labor Department this morning said its consumer price index (CPI), which tracks what consumers are paying for goods and services, was up 8.3% year-over-year in August. While this was down from the annual increases seen in both June (+9.1%) and July (+8.5%), the core CPI, which excludes more volatile energy and food prices, was up 6.3% from