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Following disappointing results on Wednesday, the Minneapolis retailer endured the biggest single-day drop in its stock price since the 1987 market crash
Target Corp., whose growth in the pandemic pushed its stock to record heights, on Wednesday became a symbol of inflation's toll on the American economy.
The Minneapolis-based retailer's latest quarterly profit was halved compared to a year ago as it contended with higher costs and changes in shopping habits, news that spooked investors fearing signs of recession.
The company's stock price plunged 25%, its biggest one-day drop since the 1987 market crash, and the news helped start a major sell-off in the broader market. The Dow Jones industrials shed more than 1,100 points, or 3.6%, their biggest one-day drop since June 2020.
https://www.startribune.com/inflation-smacks-target-hard-sending-profit-sharply-lower/600174286/
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