Stock market today: Wall Street rallies after inflation surprisingly slows

NEW YORK — U.S. stocks are rallying following a surprisingly encouraging update on inflation. The S&P 500 was 0.9% higher in early trading Wednesday. The Dow Jones Industrial Average was up 362 points, and the Nasdaq composite was 1.1% higher. Treasury yields tumbled in the bond market after the report showed U.S. consumer prices rose 3.3% last month versus a year earlier, slightly less than expected.

Consumer prices excluding volatile food and energy costs — the closely watched “core” index — rose 0.2% from April to May, the government said Wednesday. That's down from 0.3% the previous month and was the smallest increase since October. Measured from a year earlier, core prices rose 3.4%, below last month’s 3.6% increase and better than the 3.5% Wall Street was expecting.

Data on the economy have come in mixed recently, and traders are hoping for a slowdown that stops short of a recession and is just right in magnitude. Even though it came up a tad short of Wall Street's sales and profit targets, Oracle jumped 8% in off-hours trading after the chipmaker revealed a partnership with Google that would link the two company's cloud services. Investors were also encouraged by Oracle's bookings and strong full-year guidance.

The worry is that the Bank of Japan will be constrained from raising interest rates out of concern that higher prices will depress consumer spending, hurting the overall economy.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Wall Street drifts to a mixed close but still notches some recordsNEW YORK (AP) — Stocks drifted to a mixed close overall on Wall Street, but the S&P 500 and Nasdaq composite still managed to notch more record highs. A big gain in Apple helped push both indexes higher Tuesday. The S&P 500 added 0.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street opens lower ahead of Fed meetingNEW YORK (AP) — Wall Street is opening lower ahead of several key inflation reports this week and the Federal Reserve’s latest interest rate policy decision. The S&P 500 shed 0.4% early Tuesday.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: S&P 500 secures another record as huge week on Wall Street kicks offInvestors are looking ahead to the Fed's policy decision and key inflation data later in the week as they scale back rate-cut bets.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Stocks turn higher as huge week on Wall Street kicks offInvestors are looking ahead to the Fed's policy decision and key inflation data later in the week as they scale back rate-cut bets.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Nasdaq, S&P 500 turn higher ahead of huge week on Wall StreetInvestors are looking ahead to the Fed's policy decision and key inflation data later in the week as they scale back rate-cut bets.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Wall Street hold steady at the start of a busy weekNEW YORK (AP) — U.S. stocks are holding relatively steady ahead of a week with several top-tier reports on inflation due, as well as the Federal Reserve’s latest meeting on interest rates. The S&P 500 fell 0.
Source: SooToday - 🏆 8. / 85 Read more »