L:CC - Rally Continues on Easy Inflation Data
U.S. stocks ticked higher Wednesday, as traders tried to extend a strong rally from the previous session on the back of more encouraging inflation data.
The Dow Jones Industrials took on 88.03 points to begin the midweek session at 34,915.73.
The S&P 50 index gained 12.86 points to 4,508.56.
The NASDAQ advanced 53.81 points to 14,148.19.
In corporate news, Target popped 13% on better-than-expected results for the third quarter.
These gains came after October's consumer price index, a key inflation metric, came in lower than the 0.1% increase economists surveyed by Dow Jones had expected. Instead, the CPI came in flat on a monthly basis. Investors celebrated the news, sending stocks soaring on the hopes that the Federal Reserve could finally put an end to its rate-hiking campaign.
October's producer price index, which measures wholesale prices, fell by 0.5% to mark its biggest monthly drop since April 2020. Not all of the economic data was positive, however, since retail sales also declined.
Prices for the 10-year Treasury fell, raising yields to 4.53% from Tuesday's 4.45%. Treasury prices and yields move in opposite directions.
Oil prices dropped 89 cents to $77.37 U.S. a barrel.
Gold prices forged ahead $1.80 to $1,968.30.