Stocks Plunge on Surprise Jump in Inflation

• Dow plunges 524 points or 1.3% in worst single-day drop in 11 months due to hotter-than-expected inflation report • Consumer price index rose 3.1% annually in January, higher than expected 2.9% • S&P 500 fell 1.4% and Nasdaq dropped 1.8% with all 11 sectors declining • Inflation report may jeopardize Federal Reserve's plans to cut interest rates • Creates political challenges for President Biden who recently touted stock market strength