The Standard & Poor’s 500 index rose 0.6%, led by gains in energy and financial stocks. Technology companies fell, giving back some of their gains from a big rally a day earlier. The tech-heavy Nasdaq posted a small loss after an early gain faded.at the consumer level came in lower than expected last month, helping to calm investors who had worried that prices could rise too quickly as the economy recovers.
The Nasdaq slipped 4.99 points, or less than 0.1%, to 13,068.83. The index had been 1.6% higher in the early going. It jumped 3.7% on Tuesday and is now about 7.3% below the all-time high it reached Feb. 12. The Labor Department said Wednesday that U.S. consumer prices increased 0.4% in February, the biggest increase in six months. However, a closely watched measure called core inflation, which excludes food and energy prices, posted a much smaller 0.1% gain. The rise for core inflation was also below economists’ expectations.The latest report on inflation, along with the Federal Reserve promising to keep interest rates low, has helped ease concerns over the recent rise in bond yields.
Investors are also betting the latest $1.9 trillion in government stimulus will help lift the U.S. economy out of its coronavirus-induced malaise. The House approved the sweeping pandemic relief package over Republican opposition Wednesday, sending it to President Biden to be signed into law. The package would provide $1,400 checks for most Americans and direct billions of dollars to schools, state and local governments and businesses.
Inflation went crazy *last year*. In April 2020 all of a sudden I couldn't afford to buy food and lost my bank account. I wondered then why no one was talking about it!!
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