Inflation concerns weigh on Wall Street as investors sell airline stocks

new York Inflation concerns hit the US stock exchanges on Wednesday. A stronger-than-expected rise in inflation in June fueled speculation of further aggressive rate hikes by the US Federal Reserve and fueled investor fears of a recession. The Dow Jones index and the index of the technology exchange Nasdaq each fell 0.9 percent to 30,732 and 11,172 points. The broader S&P 500 lost 0.8 percent to 3789 points.

Goods and services inflation rose to 9.1 percent in June from 8.6 percent in May, the highest since 1981. Investors therefore feared greater restraint in the consumer sector. The shares in the tourism sector fell. This was especially true for airlines, whose industry index fell by four and a half percent. American Airlines, Southwest, Delta and United all fell between 2.7 and 6.5 percent. The papers from booking sites, hotel chains and cruise operators also got lost.