S&P 500, Nasdaq post closing record highs after
CPI, Fed statement
Wed June 12, 2024 4:02 PM
The CPI numbers came in better than expected pointing to
continuing taming inflation and a greater likelihood of rate cuts. So both tech
indexes went right up out the gate and stayed steady up all day. As industrials
generally go in the opposite direction of tech, the Dow started up, way up,
almost 400 up, and then shrank throughout the day closing near break-even. This
was due to the Fed projecting only one rate cut this year, though the market
doesn’t believe it, predicting instead that after the one, there would be
likely one or two more. Inflation now stands at roughly 3.4% vs a Fed target of
2%. The S&P and Nasdaq have today achieved their third straight day of
record closing highs.
DJ: 38,747.42 -120.62 NAS: 17,343.55 +151.02 S&P: 5,375.32 +14.53 6/11
DJ: 38,712.21 -35.21 NAS: 17,608.44 +264.89 S&P: 5,421.03 +45.71 6/12
Wed 6-12-24 4:02 pm S&P 500, Nasdaq post closing record highs after CPI, Fed statement | Reuters
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