Investing.com-- The Nasdaq closed at a record high Tuesday, shrugging off a hotter-than-expected inflation report as Federal Reserve chairman Jerome Powell said the current level of interest rates is working to curb inflation.U.S. producer prices grew by a faster-than-anticipated rate of 0.5% on a monthly basis in April, due mainly to elevated costs for services and goods, in a sign of lingering inflationary pressures early in the second quarter.
In the twelve months through April, the producer price index for final demand moved up by 2.2% as expected -- the largest uptick since a jump of 2.3% in April 2023. An updated mark for the previous month was also revised lower to 1.8%. A string of Federal Reserve officials have warned in recent weeks that the central bank was in no hurry to begin cutting rates, and needed more confidence that inflation was moving back towards its 2% annual target.In the wake of growing concerns about inflation, Fed chairman Jerome Powell continued to downplay the need too push rates higher, saying the current level of rates were restrictive and working to curb inflation.
) rose 60%, adding to its rally from a day earlier as meme stock fever regains momentum, with fellow meme stocks AMC Entertainment Holdings Inc stock fell nearly 1% after the Wall Street Journal reported the food giant is exploring a sale of its Oscar Mayer meats business that could fetch anything between $3 billion to $5 billion,) is gearing up to sell its Vision Pro mixed-reality headset outside the United States, Bloomberg reported, sending the stock up 0.6%.
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