Tuesday saw stock gains extend into a fourth session as Wall Street examined fresh inflation data for hints about the potential timing of a monetary policy easing by the Federal Reserve.
By closing at 4,643.70, the S&P 500 gained 0.46%, and the Dow Jones Industrial Average gained 173.01 points, or 0.48%, to conclude at 36,577.94. The Nasdaq Composite reached 14,533.40, up 0.70%.
On Tuesday, the S&P 500 reached its highest intraday level since January 2022, while all three main indices reached new intraday 52-week highs. It was the highest intraday level for the tech-heavy Nasdaq and Dow since April and January of last year, respectively.
November saw increases in the consumer price index of 3.1% year over year and 0.1% month over month. A 3.1% annual gain is anticipated by Dow Jones economists surveyed. They anticipated a constant CPI from month to month. Inflation increased as predicted by economists when food and energy were excluded.
The report’s release coincides with investors’ attempts to cap off a successful year. There have been advances for the last six weeks in the Dow, S&P 500, and Nasdaq Composite.
Although both bulls and bears have their talking points on the November consumer price index, Adam Crisafulli, the founder and president of Vital Knowledge, said that the figure was mostly in line with expectations and so did not change much. “There doesn’t seem to be a buyable decline because the consensus mindset appears eager for one (as underinvested persons would like to use shelved wealth)”
Source (CNBC)
