Dow drops 1,164 points, or 3.6%, as Target's woes renew inflation fears

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The Dow Jones Industrial Average sank 1,164 points Wednesday, or 3.6%, as big earnings misses by Target and other major retailers stoked investors’ fears that surging inflation could cut deeply into corporate profits. Target lost a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked. That comes a day after Walmart cited inflation for its own weak results

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