This is a news and events test: Dow falls more than 300 points

U.S. stock indexes gave up earlier gains Tuesday, falling back into their September doldrums despite a better-than-feared inflation reading.

The Dow Jones Industrial Average lost about 325 points, or 0.9%. The S&P 500 dipped 0.7% and the Nasdaq Composite ticked 0.5% lower.

Stocks popped at the open after the August consumer price index, while still showing a significant jump in inflation, came in less than expected. However, the stock averages turned lower roughly half an hour into trading.

Shares linked to the economic recovery dropped. Bank of America led financial shares lower. General Electric took industrial shares into the red.

“What we need to see to be fundamentally markets supportive is a continued easing in the inflation piece without deterioration in the economic outlook,” said Liz Ann Sonders, Charles Schwab chief investment strategist.