Wall St surges as inflation data, bank earnings fuel rally
Wed January 15, 2025 4:53 PM
Yesterday’s PPI wasn’t enough to change the needle but today’s CPI sure as heck was. It didn’t seem to matter that the numbers still came in with its highest increase in nine months, but still lower than expected. The fact that it wasn’t on fire triggered an enormous rally at the outset that continued all day with all three indexes enjoying 3-digit gains, the biggest in two months, the Dow up over 700. The Fed Beige Book showed economic activity increased slightly which immediately increased the odds for a June rate.
As today’s expert put it, “They’re not super cool, but they’re certainly not hot and it certainly leads one to believe that the embers of inflation are dying.” Good reports from JP Morgan, Wells Fargo, Goldman Sachs and Citigroup shot the banking index up almost 3.4%. Also promoting the rally was today’s announcement of a pending deal to end the war in Gaza, but concerns still linger regarding the potential for Trump’s policies to further stoke inflation. At 14.26 billion, today’s volume remains below the 15.8 billion average.
DJ: 42,518.28 +221.16 NAS: 19,044.39
-43.71 S&P: 5,842.91
+6.69 1/14
DJ: 43,221.55 +703.27 NAS: 19,511.23
+466.84 S&P: 5,949.91
+107.00 1/15
Wed 1-15-25 4:53 pm Wall St surges as inflation data, bank earnings fuel rally | Reuters
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