NEW YORK — Stocks are rising with hope that inflation is finally heading back in the right direction. The S&P 500 is flirting with the record it set a month and a half ago. A stall in spending by U.S. households, tired after years of high inflation, is keeping the gains in check. The S&P 500 was 0.5% higher early Wednesday. The Nasdaq composite was adding to its own record set a day earlier, up 0.5%, and the Dow Jones Industrial Average was up 195 points.
The U.S. central bank began raising its benchmark borrowing rate in March of 2022 in an attempt to stifle the inflation that took hold in the wake of the pandemic. The Fed's rate is at its highest level in 23 years. Elsewhere, in Europe at midday, Britain’s FTSE 100 was up 0.3% after hitting a record high in early trading. Germany’s DAX was up 0.7% and the CAC 40 in Paris was flat.
Bond yields edged lower. The yield on the 10-year Treasury slipped to 4.43% Wednesday from 4.49% late Monday.
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