Stocks plummet after hot inflation report

Stocks ended the with with steep losses after new federal data showed prices rising faster than expected, reigniting inflation fears on Wall Street.

The Dow Jones Industrial Average lost more than 715 points on the day, falling 1.7 percent. The Nasdaq composite lost 2.7 percent and the S&P 500 index fell 2 percent.

The stock slide began shortly after the Commerce Department released data showing an unexpectedly steep increase in consumer prices.

The personal consumption expenditures (PCE) price index rose 2.