Wall Street closed higher as signs that inflation may have peaked in July increased investor confidence that a bull market could be under way and spurred the SP 500 is up 17.7 per cent from a mid-June low, with the latest gains coming from data this week showing a slower-than-expected rise in the consumer price index and a surprise drop in producer prices last month.
“It’s really just a number, but it certainly makes investors feel better - at least those who bought near the bottom,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “I wouldn’t declare victory over this bear market yet. There’s likely some bad news still out there. But there’s a very good chance we’ve seen the bottom.”P 500 gained 72.88 points, or 1.73 per cent, to 4280.15 and the Nasdaq Composite added 267.27 points, or 2.09 per cent, to 13,047.19.P 500 added 3.25 per cent, the Dow rose 2.92 per cent and the Nasdaq gained 3.8 per cent.
Volume on US exchanges was 9.99 billion shares, compared with the 11.04 billion average for the full session over the last 20 trading days.
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