us stocks closed lower on wednesday for the fourth day in a row after the latest consumer price index showed that headline inflation climbed to its highest level in 40 years last month the sp 500 retreated 1702 points or 05 to 380178 the dow jones industrial average lost 20854 points or 07 to 3077279 the nasdaq composite index shed 1715 points or 02 to 1124758 traders of fed funds futures a derivatives market used to place bets on the direction of the federal reserves benchmark interest rate priced in higher than 80 odds that the federal reserve would deliver a one percentage point rate