(AFX) - Wall Street fell sharply Wednesday after several economic reports stoked fears of inflation and therefore an increase in interest rates. Several automotive stocks rose after Detroit announced changes aimed at resuscitating the beleaguered U.S. industry. Energy stocks fell as oil closed below $68 a barrel.
The Dow Jones industrial average dropped 63.08, or 0.55 percent, to 11,406.20.
The Standard & Poor's 500 index fell 12.99, or 0.99 percent, to 1,300.26.
The Nasdaq composite index dropped 37.86, or 1.72 percent, to 2,167.84.
For the week:
The Dow is down 57.95, or 0.51 percent.
The S&P is down 10.75, or 0.82 percent.
The Nasdaq is down 25.32, or 1.15 percent.
For the year:
The Dow is up 688.70, or 6.43 percent.
The S&P is up 51.97, or 4.16 percent.
The Nasdaq is down 37.48, or 1.70 percent.
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