US markets crack, see biggest drop in 4 months as inflation spooks investors

Wall Street cracked as higher than expected reading of inflation spooked investors across the board. Inflation rose at its fastest pace in 13 years last month with the Consumer Price Index spiking to 4.2% from a year ago. 

30 stock Dow Jones Industrial Average fell 681.50 points, or 2% posting its worst day since January. The S&P 500 lost 2.1% while the tech-heavy Nasdaq Composite slid 2.7% clocking in weekly decline to more than 5%.