Stocks, dollar reverse to risk-off mode as U.S. inflation turns higher than expected

NEW YORK - The dollar index reversed course to rally sharply andU.S. stocks sank while Treasury yields climbed after data showedU.S. consumer prices rising faster than expected inAugust, prompting bets for more aggressive Federal Reserve rate hikes. Oil futures give up earlier gains in choppy trading after declining gasoline prices inAugustwere offset by gains in rent and food costs. The Consumer Price Index gained 0.1 percent last month versus expectations for a 0.1 percent decline and after being unchanged in July, the Labor Department said on Tuesday. U.S. stock indexes had rallied on Monday and also gained ground last week as investors were betting that Tuesday's data would sho...

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