Thursday, February 21, 2019
News

US stocks trade higher after inflation data

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New York | Thursday, 2018 1:15:04 AM IST
US stocks traded higher on Wednesday after erasing earlier losses, as investors were digesting the latest inflation data.

At midday, the Dow Jones Industrial Average added 49.98 points, or 0.20 per cent, to 24,690.43. The S&P 500 increased 13.61 points, or 0.51 per cent, to 2,676.55.

The Nasdaq Composite Index was up 67.69 points, or 0.97 per cent, to 7,081.20, reports Xinhua.

US equities opened lower on Wednesday following the release of stronger-than-expected inflation report.

The Consumer Price Index (CPI) rose 0.5 per cent in January on a seasonally adjusted basis, the US Labor Department said on Wednesday. Over the last 12 months, the all items index rose 2.1 per cent.

Excluding the volatile food and energy components, the core consumer prices gained 0.3 per cent in January. In the 12 months through January, the core CPI increased 1.8 per cent.

Analysts said the string of data all beat market expectations and thus rekindled concerns of surging inflation, which had helped to send the US equities plunging to two-year lows last week.

Investors worried that strong rise in inflation would push the Federal Reserve to raise interest rates as many as three times later this year.

Market expectations for a rate-hike move in December are now at nearly 62 per cent, up from 50 per cent the day before, according to the CME's FedWatch tracker.

--IANS sku/

( 238 Words)

2018-02-15-00:30:08 (IANS)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Modi leaves for South Korea...
Trump, Abe hold phone talks over upcomin...
Iraqi PM, Saudi king discuss boosting ti...
White House plans to cancel federal fund...
Varun Beverages reports revenue of Rs 80...
India identified as a Priority Growth Ma...
More...
 
INDIA WORLD ASIA
Hyderabad: Madrasas hold protest condemn...
Shimla: Snowfall in Kufri, Chharabra dis...
BJP politicising Pulwama terror attack: ...
Amit Shah to launch BJPs beneficiaries ...
J-K: Community bunkers being made forsa...
Maharashtra: Farmers begin Nashik to Mum...
More...    
 
 Top Stories
Rocky Star treats every show as his... 
Jasmine has stronger role in 'Aladi... 
PM reaches South Korea, begins two-... 
Fire kills at least 45 in Banglades... 
Girl in China climbs through train ... 
Alabama woman who joined IS should ... 
US President Trump likely to visit ... 
Iraqi PM, Saudi king discuss boosti...