After the most recent data showed yet another indication that inflation, while still high, is starting to decline, stocks increased on Wednesday.
By 105 points, or 0.3%, the Dow Jones Industrial Average increased. S&P 500 increased by 0.4%. The Nasdaq Composite increased by 0.7%, aiming for a seventh straight positive day.
The changes followed a 0.5% fall in the producer price index for December, which monitors business input prices and may be a leading sign of future inflation. A 0.1% decline was predicted by economists surveyed by Dow Jones. Investors who had hoped for a decline in inflation and a reduction in the Federal Reserve’s rate rises found solace in that.
“While the Fed maintained a hawkish stance in hiking rates throughout 2022.”
Source (CNBC)