US stocks surge after latest inflation report shows progress on price hikes
CNN
Recently, progress on inflation appeared to be stuck or, at worst, reversing: A closely watched gauge of underlying price hikes — an index that excludes highly volatile categories — hadn’t budged for months.
Recently, progress on inflation appeared to be stuck or, at worst, reversing: A closely watched gauge of underlying price hikes — an index that excludes highly volatile categories — hadn’t budged for months. On Wednesday, it got unstuck. The closely watched core measurement of the Consumer Price Index slowed for the first time in months, according to Bureau of Labor Statistics data released Wednesday. That reading, coupled with some better-than-expected wholesale inflation data received on Tuesday, spurred optimism in the markets. US stock futures spiked Wednesday morning, as the CPI report boosted traders’ hopes that the Federal Reserve will continue its rate-cutting campaign this year. Futures on the Dow rose by more than 600 points. Futures on the S&P moved up by 1.5% and Nasdaq futures were higher by 1.8%. Overall, the Consumer Price Index did increase more than anticipated, rising 0.4% from November and jumping 0.2 percentage points to annual rate of 2.9%. However, the increase was largely driven by gas and food prices. Energy prices, particularly gas and fuel costs, accounted for 40% of the overall monthly increase. Food prices also remained elevated as key staples such as meat and eggs continued to face pressures from weather and disease, respectively.
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