U.S. stock indices fell significantly during trading on Thursday, after stronger-than-expected producer price data added concerns that the U.S. Federal Reserve will continue to raise interest rates to cool inflation.
The producer price index in the United States, the world's largest economy, was estimated to have risen in January 6 percent year-on-year above expectations, versus expectations of 5.4 percent growth.
On a monthly basis, the producer price index in January rose 0.7, versus expectations of 0.4 percent.
Stock Movements
By 17:20 GMT, the Dow Jones Industrial Average fell 223.47 points, or 0.65 percent, to 33,904.58 points.
The S&P 500 index fell by 26.07 points, or 0.61 percent, to 4,122.22 points, and the Nasdaq Composite index fell by 86.53 points, or 0.72 percent, to 114,983.39 points.
Bitcoin touched a six-month high on Thursday, rising in line with equities and other relatively riskier assets as investors took risks as they grew more confident in the economic outlook.
The world's largest cryptocurrency reached $24,895 today, its highest level since August 2022, after jumping 9.5 percent on Wednesday.