Wall Street today: US stocks climb after inflation data, robust bank earnings | Stock Market News
US stocks climbed on Wednesday after inflation data boosted investors’ hopes for interest rate cut by the Federal Reserve this year.
Investors also cheered a strong set of quarterly results from the biggest US banks.
At the opening bell, the Dow Jones Industrial Average rose 409.5 points, or 0.96%, to 42,927.76. The S&P 500 rose 62.3 points, or 1.07%, to 5,905.21, while the Nasdaq Composite rose 305.9 points, or 1.61%, to 19,350.313.
A Labor Department report showed the Consumer Price Index (CPI) rose 2.9 per cent on an annual basis in December 2024, the highest since last July.
On a monthly basis, the index rose 0.4 per cent. In November, the CPI stood at 2.7 per cent.
Excluding volatile food and energy components, the core CPI fell 3.2 per cent on an annual basis.
