Stocks pull back on Wall Street as inflation concerns grow

Friday, May 7, 2021, Vol. 45, No. 19
The Associatewd Press

Stocks closed lower on Wall Street, led by banks, industrial and health care companies.

Inflation remains a growing concern among investors, which would be a major drag on the overall market if it takes hold.

The S&P 500 lost 0.9% Tuesday, and the Dow Jones Industrial Average gave back 1.4%.

Tech stocks, which get most of their valuation from the future profits those companies are expected to earn, become less valuable if inflation decreases the value of those earnings.

Commodity prices have been rising, particularly for industrial metals such as copper and platinum, as well as for energy commodities like gasoline and crude oil.