All three major U.S. stock benchmarks closed lower Wednesday, with Dow Jones Industrial Average booking a fifth straight day of losses, as investors parsed fresh inflation data showing the annual pace slowed less than expected. The Dow Jones Industrial Average

closed down about 1%, while the S&P 500

fell about 1.6% and the Nasdaq Composite

dropped around 3.2%, according to preliminary FactSet data. The consumer-price index rose in April to an annual rate of 8.3%, slowing from the 12-month pace of 8.5% seen through March, according to a report Wednesday from the U.S. Bureau of Labor Statistics.

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