Stocks closed lower on Wall Street Tuesday as traders took in the latest sign that inflation is still running high ahead of the Federal Reserve's last meeting of the year.

The S&P 500 fell 0.7% and the Nasdaq shed 1.1%. The Dow Jones Industrial Average fell 0.3%.

The latest report on inflation showed that wholesale prices jumped a record 9.6% in November from a year earlier.

Federal Reserve policymakers began a two-day meeting at which they're expected to speed up the withdrawal of economic stimulus measures.

Technology stocks were the biggest drag on the market. Bond yields rose.