Dow Jones Industrial Average Slumps As Fed Rate Hike Looks More Likely After Strong Economic Data

U.S. stocks tumbled in afternoon trading on Tuesday as upbeat consumer price data pointed to a steady build-up in inflation, boosting chances of an interest rate hike later this year. The Labor Department said the Consumer Price Index increased 0.4 percent last month, the largest gain since February 2013, after rising 0.1 percent in March. That took the year-on-year increase in the CPI to 1.1 percent from 0.9 percent in March.

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