Media Shares, Broader Market Rise On Data Showing Inflation Slowed In November

📆 13/12/2022 12:41 p. m.
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Shares rocketed higher in early trading as new data showed inflation slowed more than expected last month after a string of aggressive interest rate hikes by the Federal Reserve meant to tamp down …

slowed more than expected last month after a string of aggressive interest rate hikes by the Federal Reserve meant to tamp down an overheated economy.

The welcome news came ahead of the Fed’s last scheduled meeting of the year tomorrow where it’s expected to announce an interest rate hike of 50 basis points, following four consecutive 0.75% increases this year that had economists, companies and consumers worried about imminent recession. A string of media executives in recent weeks have noted a glum ad market with advertisers pulling back due to the lack of economic clarity.The DJIA opened up 600 points, off premarket highs.

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