US stocks fall as inflation accelerates past forecasts

US stocks fell Wednesday as inflation accelerated more than expected, with the S&P 500 dropping 0.9% and heading for its fifth loss in six days since hitting an all-time high. The Dow fell 0.2% and the Nasdaq dropped 1.3%. A government report showed consumer prices rose 3.7% in September from a year earlier, up from August's 3.4% rate and above the 3.6% economists forecast. Rising fuel costs tied to the war with Iran and strong consumer spending pushed the 10-year Treasury yield to 5.23%, near its highest since 2002, as traders raised bets on a Federal Reserve rate hike. Bank of America fell 6.3% on weaker-than-expected quarterly profit, while State Street sank 6.7% on soft revenue. Homebuilder stocks dropped as high mortgage rates deterred buyers, though BlackRock rose 0.5% on strong earnings. European markets ticked higher, while Shanghai fell 0.9%.