U.S. 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 S&P 500 retreated 17.02 points, or 0.5%, to 3,801.78. The Dow Jones Industrial Average lost 208.54 points, or 0.7%, to 30,772.79. The Nasdaq Composite Index shed 17.15 points, or 0.2%, to 11,247.58. Traders of Fed funds futures, a derivatives market used to place bets on the direction of the Federal Reserve’s benchmark interest rate, priced in higher than 80% odds that the Federal Reserve would deliver a one percentage point rate…
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