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Fueled by Declining Inflation Statistics, the Dow Gains Over 150 Points to Secure its Fourth Consecutive Winning Day

On the strength of further positive inflation statistics, stocks rose on Wednesday, continuing their robust advance from the previous day.

The Nasdaq Composite finished 0.07% higher at 14,103.84, while the S&P 500 gained 0.16% to close at 4,502.88. To close at 34,991.21, the Dow Jones Industrial Average gained 163.51 points, or 0.47%.

With 9 basis points increased, the yield on the benchmark 10-year U.S. Treasury was trading at 4.537%. The action was taken the day after the rate fell below the 4.5% mark.

With a 0.5% decline, October was the largest monthly decline in the producer price index since April 2020. The index gauges wholesale prices. Rejecting retail sales, however, meant that not all of the economic statistics was good.

The activity today makes sense because PPI was very, very cool, as we had predicted, according to Infrastructure Capital Advisors president and CEO Jay Hatfield. “Clearly, interest rates are the major driver of this stock market,” Hatfield added. The reason for the little increase in rates today is not the PPI, but rather the slightly better-than-expected retail sales report.

Source (CNBC)

SourceCNBC
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