Stocks ended higher Wednesday after July’s Consumer Price Index showed falling U.S. inflation, keeping market hopes alive for Federal Reserve interest-rate cuts. The gains allowed the S&P 500 to recoup all losses from its Aug. 2-5 meltdown.
The$S&P 500 Index (.SPX.US)$gained 20.78 points (0.4%) to end at 5,455.21 – higher than the 5,446.68 that it closed at on Aug. 1 just prior to a two-session sell-off earlier this month that followed a weaker-than-expected July U.S. jobs report.
The$Dow Jones Industrial Average (.DJI.US)$likewise added 2242.75 ticks (0.6%) to a 40,008.39 finish – the index’s first close about 40,000 since before the Aug. 2-5 sell-off. However, the Dow industrials remain some 300 points below the 40,347.97 they closed at on Aug. 1
The three indexes rose after the U.S. Bureau of Labor Statistics reported before the bell that the Consumer Price Index – which measures retail inflation – grew 0.2% in July, matching economists’ forecasts.
However, annual inflation eased to 2.9% -- below the 3% analysts had forecast, as well as the lowest level seen since 2021.
Markets hope that lower inflation will allow the Fed to cut its benchmark Federal Funds Rate when the central bank meets on Sept. 17-18. Lower rates traditionally help stocks by making bond and money-market yields less attractive to investors.
MOOVERS
Individual stocks that saw significant gains Wednesday included:
--$Qifu Technology (QFIN.US)$, which added 12.3% following its earnings release Tuesday night. QFIN hit an 18-month intraday high earlier in the session.
(To see these stocks and more on the options page, clickhere.)
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affable Blobfish_403
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Public opinion is all over the place to cut interest rates. The data suggests that interest rates should be cut in the next step. The Federal Reserve has come up with the perfect big cake for the general election - interest rate cuts?! Can interest rate cuts really save the recession?!
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affable Blobfish_403 : Public opinion is all over the place to cut interest rates. The data suggests that interest rates should be cut in the next step. The Federal Reserve has come up with the perfect big cake for the general election - interest rate cuts?! Can interest rate cuts really save the recession?!
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