Traders work on the floor of the New York Stock Exchange on November 12, 2024 in New York City.
Source: New York Stock Exchange
this Dow Jones Industrial Average It edged higher on Wednesday as investors looked to maintain post-election gains after a key inflation report came in line with expectations.
this 30The Dow gained 258 points, or 0.3%. this S&P 500 Index rose 0.3%, while Nasdaq Index up 0.2%.
The consumer price index accelerated slightly to an annual rate of 2.6% in October, in line with consensus expectations among economists surveyed by Dow Jones. Core prices, which exclude food and energy, rose 3.3% last month, also in line with expectations. According to the CME FedWatch tool, after the inflation report was released, federal funds futures trading showed that central bank policymakers are likely to cut interest rates again in December.
“It’s time to stop worrying about the Fed and inflation,” said David Russell, head of global market strategy at TradeStation. “The stock market has been on autopilot since the election, and today’s data has no impact on that trend. December is still going strong. Interest rates may be cut.”
Major stock indexes fell on Tuesday as markets took a breather from their post-election rally. The 30 stocks in the Dow Jones Industrial Average fell about 382 points, or 0.9%. The S&P 500 fell 0.3%, and the Nasdaq, which is dominated by technology stocks, edged down 0.1%.
The moves come after Wall Street rallied following Donald Trump’s election last week, pushing stocks to record highs. The Dow closed above 44,000 for the first time on Monday, while the S&P 500 and Nasdaq Composite also hit new records. Bitcoin price rose above $93,000 as Trump delivered on a series of promises to the industry.
Other noteworthy economic data due later in the week include producer price index data and retail sales data, due on Thursday and Friday respectively.
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