Stocks showed modest gains on Thursday despite the release of new inflation data indicating a slight increase in consumer prices for December.
The S&P 500 saw a 0.2% rise, while the Nasdaq Composite experienced a 0.4% advance. The Dow Jones Industrial Average also climbed by 41 points, or 0.1%. At one point, the S&P 500 briefly surpassed its previous record closing high of 4,796.56.
December’s consumer price index report revealed a slightly higher-than-anticipated 0.3% increase in consumer prices for the month, leading to an annual rate of 3.4%. Economists surveyed by Dow Jones had predicted a 0.2% rise in the CPI for December and a 3.2% increase on a year-over-year basis. However, core CPI, which excludes volatile food and energy prices, met expectations, indicating persistent yet diminishing inflation pressures.
Following the release of the CPI data, bond yields rose, with the yield on the 10-year Treasury note jumping more than 3 basis points to 4.064%.
Source (CNBC)
