LEN - Dow Climbs Ahead of Inflation News
Stocks closed higher Wednesday, with investors awaiting the release of fresh U.S. inflation data and earnings.
The Dow Jones Industrials surged 150.13 points to close Wednesday at 37,675.29.
The S&P 500 gained 26.95 points to 4,783.45.
The NASDAQ soared 111.94 points to 14,969.65.
Intuitive Surgical and Lennar led the broad market index higher, Intuitive gaining more than 10% and Lennar picking up 5%. Intuitive increased its procedure growth outlook for fiscal year 2024 after the market close on Tuesday, when Lennar had also announced an increase to its annual dividend.
Cryptocurrency exchange Coinbase and Marathon Digital fell more than 1.5% each, as bitcoin prices declined. The price movement came on the back of an incorrect announcement posted to the U.S. Securities and Exchange Commission's X account, saying that it had approved bitcoin ETFs.
The latest consumer price index report is slated for release Thursday. Economists polled by Dow Jones expect CPI to have risen 3.2% year over year in December.
Investors will look through the reports for clues on when the Federal Reserve may start cutting rates. Some of those expectations have been dialed back in recent days, although experts say the odds hover at around 64%.
Prices for the 10-year Treasury fell slightly, moving yields upward to 4.04%, from Tuesday's 4.01%. Treasury prices and yields move in opposite directions.
Oil prices retreated 94 cents to $71.30 U.S. a barrel.
Gold prices dipped $5.10 to $2,027.90.