Wall Street rises to record closing highs on wings of CPI
Three major stock rally, hit new highs
Tech leads S&P 500 sector gainers; Cons Disc ends flat
Dollar down; crude, gold gain >1%; bitcoin up ~7%
U.S. 10-Year Treasury yield slides to ~4.35%
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WALL STREET RISES TO RECORD CLOSING HIGHS ON WINGS OF CPI
U.S. stocks nabbed all-time closing highs on Wednesday as investors interpreted a modest cool-down in inflation data as a sign that the Fed might be good for as many as two policy rate cuts by the time 2025 rolls around.
All three major U.S. stock indexes wrapped up the session with sharp gains, with the S&P 500 .SPX and the Nasdaq .IXIC gaining more than 1% each. The blue-chip Dow .DJI rose 0.9%.
Chips .SOX were the clear outperformers - jumping 2.9% - fueled by a 3.6% advance in shares of card-carrying "magnificent seven" member, Nvidia NVDA.O.
While the Labor Department's CPI report was largely inline - and even slightly cooler - than analyst expectations, the report provided a nice distraction from decidedly more downbeat data.
Retail sales were unchanged despite spiking gasoline prices, homebuilders turned pessimistic, and the manufacturing sector in New York State contracted more sharply than expected.
Thursday promises another data-heavy morning, with housing starts/building permits, jobless claims, Philly Fed, import prices and industrial output, all promising to give market participants something to chew on.
Here's your closing snapshot:
(Stephen Culp)
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FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
LPL FINANCIAL STILL HAS DOUBTS WHEN IT COMES TO COMMERCIAL REAL ESTATE - CLICK HERE
BENCHMARK TREASURY YIELD TUMBLES, TESTS 200-DAY MOVING AVERAGE - CLICK HERE
NON-CPI ALSO-RANS: RETAIL SALES, HOMEBUILDER SENTIMENT, EMPIRE STATE, ET AL - CLICK HERE
S&P 500, NASDAQ HIT NEW HIGHS IN EARLY TRADE - CLICK HERE
THE GREAT BIG INFLATION SHOW: CPI DELIVERS THE GOOD - CLICK HERE
U.S. STOCK FUTURES SWEPT UP BY DATA FLOOD - CLICK HERE
SPANISH AND ITALIAN BANKS: "STILL THE PLACE TO BE" - CLICK HERE
OBSESSED WITH INFLATION? YOU'RE NOT ALONE - CLICK HERE
CURRENCIES BRACE FOR US CPI JOLT ONE WAY OR ANOTHER - CLICK HERE
FOUR MAIN TAKEAWAYS FROM UK BANK RESULTS - CLICK HERE
YOUR BRITISH SHOPPING LIST - CLICK HERE
STELLAR EARNINGS LIFT MOOD IN EUROPE - CLICK HERE
FUTURES SIGNAL RISES IN EUROPE AS TRADERS AWAIT U.S. INFLATION - CLICK HERE
POWER OF POWELL LIFTS STOCKS AHEAD OF US CPI - CLICK HERE
Closing snapshot https://reut.rs/4arvBSm
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