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Business & Economy

The Big Story

New inflation data sends stocks soaring

All three of the major U.S. stock indexes closed at record highs Wednesday after new federal data revealed a slight slowdown in inflation.

© AP Photo/Seth Wenig

Prices ticked up 0.3 percent from March to April, and prices were up 3.4 percent from a year ago, according to the Labor Department’s latest Consumer Price Index (CPI).

The news sent the Dow Jones Industrial Average, S&P 500 index and Nasdaq composite on a rally.

The Dow rose roughly 350 points Wednesday to close at 39,908, a gain of 0.9 percent. The S&P rose 1.2 percent and the Nasdaq climbed 1.4 percent.

Easing inflation was welcome news to Wall Street, which weathered several months of higher-than-expected price gains.

While in December Federal Reserve officials were signaling plans to cut interest rates this spring, the central bank held off on rate cuts as both employment and inflation remained strong.

The Fed is looking to see inflation fall before it cuts rates, which could stimulate the economy and the stock market as companies and consumers alike have to spend less money paying off debt costs.

The Hill’s Sylvan Lane has more here.

 

Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.

 

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QOSHE - Stocks set new records - Taylor Giorno
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16.05.2024
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Welcome to The Hill's Business & Economy newsletter

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Business & Economy


Business & Economy

The Big Story

New inflation data sends stocks........

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