Stock market today: Wall Street drifts near record highs after an in-line inflation report

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U.S. stocks are drifting near their records after the latest inflation update boosted hopes that more help for the economy will arrive next month from another cut to interest rates. The S&P 500 was up 0.1% in early trading Wednesday.

U.S. stocks are drifting near their records after the latest inflation update boosted hopes that more help for the economy will arrive next month from another cut to interest rates. The S&P 500 was up 0.1% in early trading Wednesday. The Dow Jones Industrial Average was up 62 points, and the Nasdaq composite was up 0.1%. Stocks got support from easing yields in the bond market. The yield on the 10-year Treasury fell to 4.38% from 4.43% late Tuesday.

Japan’s benchmark Nikkei 225 slipped 1.7% to 38,721.66, as wholesale inflation reached its highest level since July of last year. The corporate goods price index, which measures the price changes of goods traded in the corporate sector, rose 3.4% in October year-over-year, according to Bank of Japan data. The increase was partly attributed to the decline of the Japanese yen against the U.S. dollar.

Stocks had been broadly rising since last week on expectations that Trump’s preference for lower tax rates and other policies may mean faster economic growth, as well as bigger U.S. government debt and higher inflation. Some areas of the market rocketed on particularly high-grade fuel, such as smaller U.S. stocks seen as benefiting the most from Trump’s “America First” ideas.

Treasury yields have been climbing sharply since September, in large part because the U.S. economy has remained much more resilient than feared. The hope is that it can continue to stay solid as the Federal Reserve continues to cut interest rates in order to keep the job market humming, now that it’s helped get inflation nearly down to its 2% target.

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