As investors awaited the publication of fresh data on consumer inflation in the United States as Treasury yields continued to decline, stocks edged up on Wednesday.
The Dow Jones Industrial Average closed at 33,804.87 up 0.19%, or 65.57 points. The S&P 500 increased 0.43% to close at 4,376.95. The technologically oriented Nasdaq Composite increased 0.71% to 13,659.68.
It will be released on Thursday along with the consumer price index report for September. According to economists polled by Dow Jones, growth will be 0.3% higher than it was the previous month and 3.6% higher than it was a year ago. The statistics will be closely watched by investors as they look for hints about potential Federal Reserve policy changes. The data will be released the day after traders combed through higher-than-anticipated wholesale inflation readings.
The producer price index increased by 0.5% in September, above the Dow Jones projection of a 0.3% increase. Nevertheless, the number showed a deceleration from the 0.7% rise in producer prices in the preceding month.
According to minutes released on Wednesday, the majority of Fed representatives said that another raise was expected at their September meeting.
Source (CNBC)
