New York Stocks Close Mixed Despite Relief from Inflation… Dow 0.62%↑
The New York Stock Exchange ended mixed with mixed results by index despite assessments that the inflation index did not rise as much as expected.
At the New York Stock Exchange (NYSE) on the 11th (Eastern Time), the Dow Jones Industrial Average finished trading at 35,484.97, up 220.30 points (0.62%) from the previous day.
The Standard & Poor’s 500 Index rose 10.95 points (0.25%) to 4447.70, up 10.95 points (0.25%) from the battlefield, and the Nasdaq, centered on technology stocks, closed at 14,765.
The Dow and the S&P 500 both hit all-time highs the day before.
On the other hand, the Nasdaq index fell as large tech stocks fell.
The U.S. Department of Labor announced that the consumer price index (CPI) rose 0.5% on a seasonally adjusted basis last month, up 5.4% from the same period last year. Although this exceeded analysts’ expectations compiled by the Wall Street Journal (up 0.5% in the previous month and up 5.3% in the previous year), the core CPI, excluding volatile food and energy, fell below both expectations and the previous month.
Core CPI rose 0.3% MoM and 4.3% YoY. Analysts were expecting an increase of 0.4% and 4.4%, respectively. Used car prices rose only 0.2% from the previous month, a significant relief from the 10% increase in the previous month.
The stock price rallied in relief as inflation showed signs of calming down.
The US Senate’s approval of a $1 trillion infrastructure investment the day before also helped improve investor sentiment.
By industry, stocks related to materials, industry, and finance rose more than 1%, leading the rise. Of the 11 sectors in the S&P 500, only health-related stocks fell and all rose.
Among individual stocks, Moderna shares fell more than 15% after a negative report from Bank of America (BOA). Coinbase shares rose more than 3% on news that earnings beat analysts’ expectations.