• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Wednesday, February 8, 2023
Salt Lake City News Now
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home Business

Stock Indexes Mixed On Wall Street After Inflation Report – Voice Of Alexandria

stock-indexes-mixed-on-wall-street-after-inflation-report-–-voice-of-alexandria
Share on FacebookShare on Twitter

Stock indexes on Wall Street are mixed Friday after the government’s latest reading on consumer prices showed inflation is at a four-decade high.

The S&P 500 was up 0.3% as of 11:34 a.m. Eastern. The benchmark index, which had been up 0.8% in the early going, is still on track for its biggest weekly gain since February.

The Dow Jones Industrial Average was up 0.1%, while the Nasdaq composite slipped less than 0.1%. The Russell 2000 index of small-company stocks fell 0.8%.

The Bureau of Labor Statistics said prices for U.S. consumers jumped 6.8% in November compared with a year earlier. Surging costs for food, energy, housing and other items have left Americans enduring their highest annual inflation rate since 1982. Core prices, which exclude food and energy prices, rose 4.9% year over year.

Those figures were right in line with the market’s expectations.

“Many have felt the effects of inflation in their day-to-day, so this likely isn’t a huge shocker to the market,” said Mike Loewengart, managing director, investment strategy at E-Trade.

Federal Reserve Chair Jay Powell has suggested the central bank could move more quickly to pare back, or taper, the amount of bonds it’s been purchasing each month to keep long-term interest rates low.

Analysts say the elevated inflation figures ramp up the pressure on the Fed to follow through on Powell’s comments. Many investors also expect the Fed to start raising interest rates from current ultra-low levels starting in the middle of next year.

“The inflation print from this morning will reinforce the Fed’s resolve to accelerate tapering. With the strength in the economic recovery, it is time to take the crutches away,” said Anu Gaggar, global investment strategist for Commonwealth Financial Network.

Stocks in the S&P 500 were about evenly split between gainers and decliners. Solid gains in technology stocks outweighed losses elsewhere in the market. Business software maker Oracle surged 14.8% after reporting strong quarterly results. Microsoft rose 1.7%.

Makers and sellers of household goods also helped lift the S&P 500. Costco climbed 5.6%, while Coca-Cola rose 1.7%.

Losses by a mix of retailers, hotel operators and other companies that rely on consumer spending kept the market’s gains in check. Amazon.com fell 1.6%, Best Buy dropped 1.9% and MGM Resorts International slipped 0.9%.

The S&P 500 has now recovered most of the losses incurred after the discovery of the omicron variant of COVID-19 was announced last month. It’s also close to the all-time high set on Nov. 18.

The yield on the 10-year Treasury note fell to 1.45% from 1.51% just before the inflation report came out. The yield on the two-year note dropped to 0.64%.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Salt Lake City News Now

© 2021 Salt Lake City News Now

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Salt Lake City News Now

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT