Stocks fell sharply on Tuesday upon reports of higher-than-expected inflation in August.
According to the Consumer Price Index (CPI), inflation increased 0.1% in August. Over the last twelve months, the CPI has increased 8.3%.
Despite declining gas prices in August, price increases for shelter, food and medical care continued. The S&P 500 fell by 4.32% on Tuesday, its largest drop since June 2020. Year-to-date, the S&P 500 is down 17.49%. However, the S&P 500 is still up 57% over the last five years.
Top publicly-traded Alabama stocks weren't spared the pain of the broad U.S. stock index on Tuesday.
The stock price of Regions Financial Corporation, based in Birmingham, was down 3.52% to $21.68 today. Regions' stock year-to-date is down 4.37%. It is up nearly 58% over the last five years.
The stock price of Encompass Health Corporation, based in Birmingham, was down 4.25% today. Year-to-date, Encompass Health's stock price is down 1.07%. Its share price is up nearly 44% over five years at $51.34.
The stock price of Vulcan Materials Company, based in Birmingham, declined by 4.42% today to $163.66. Vulcan's stock price is down 21.28% year-to-date. Its stock is up nearly 45% over the last five years.
Stock for Medical Properties Trust Inc., based in Birmingham, was down 4.92% today to $14.29. Year-to-date, the stock is down a little over 39%. It's up 8.42% over the last five years.
Stock for ServisFirst Bancshares Inc., based in Birmingham, was down 3.09% today to $83.04. Year-to-date, the stock is down 3.91%. Over the past five years, the stock has been up roughly 138%.
To connect with the author of this story, or to comment, email caleb.taylor@1819News.com.
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