(Newser) – Stocks closed broadly lower on Friday as investors weighed the latest updates on inflation expectations, consumer spending, and corporate earnings. A report showing US consumers raised their expectations for future inflation hurt markets worldwide, offering another signal the Federal Reserve may have to continue aggressively hiking interest rates to temper stubbornly hot inflation, per the AP. The strategy raises the risk of a recession. The Dow fell 403 points, or 1.3%, to 29,634; the S&P 500 fell 86 points, or 2.

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