Tame US inflation boosts S&P 500, Nasdaq rallies above 20,000
By Chibuike
Oguh, Purvi
Agarwal and Shashwat Chauhan
Wed December 11, 2024 4:20 PM
Even though yesterday the forecast was for a very slight 0.1% increase in the CPI, and even though there were no specific numbers given in today’s report except that “consumer prices in November increased by the most in seven months, though broadly in line with market expectations,” it seems fair to assume that the number was higher than 0.1% but still low enough to make everyone happy. The odds for a rate cut now stands at 96%, up from 86 yesterday, and that caused both tech indexes to zoom way up right out the gate.
The Dow was more of a rollercoaster, rising and falling several times between a +100 and -100 and closing at a -100, as is usually the case when there’s good news on the rate front as money transfers from industrials to the more risk-on tech sectors. There is also the continuing correction from the Dow’s recent highs. Nvidia is recovering somewhat from its recent bad news. Volume was brisk and finally in line with the recent average of 14.3 billion, coming in today at 14.2 billion.
DJ: 44,247.83 -154.10 NAS: 19,687.24
-49.45 S&P: 6,034.91
-17.94 12/10
DJ: 44,148.56 -99.27 NAS: 20,034.89 +347.65 S&P: 6,084.19 +49.28 12/11
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