On the strength of additional positive inflation statistics, traders attempted to build on the robust rebound in U.S. stocks from the previous day on Wednesday.
A 0.3% increase, or 109 points, was seen in the Dow Jones Industrial Average. The Nasdaq Composite and the S&P 500 both increased by 0.3%.
October saw the largest monthly decline since April 2020 in the producer price index, which tracks wholesale prices. It dropped by 0.5%. However, since retail sales were also down, not all of the economic news was good.
Wall Street had an excellent session just now. It was the best day for the S&P 500 and Nasdaq Composite since April.
These advances followed the consumer price index for October, a crucial indicator of inflation, coming in below the 0.1% increase the Dow Jones polled of analysts had predicted. On a monthly basis, however, the CPI was flat. In anticipation that the Federal Reserve would finally halt its rate-hiking campaign, investors reacted with joy to the news, sending equities skyrocketing.
Mayfield continued, saying that given how robust the housing market is right now, he doesn’t think the US central bank will lower interest rates anytime soon. In business news, Target surged 13% after reporting third-quarter earnings that were better than anticipated.
Source (CNBC)