US stocks edged mostly higher Wednesday as Wall Street embraced another encouraging signal on consumer prices that is set to help shape the near-term future of interest-rate policy. The S&P 500 rose 0.4%, while the tech-heavy Nasdaq Composite finished just above the flatline. The Dow Jones Industrial Average gained 0.6%, or more than 200 points. The Consumer Price Index showed price increases held largely steady in July. Consumer prices rose 2.
Wall Street had rallied Tuesday on the back of positive inflation data that could foreshadow a similar direction in consumer prices. The Producer Price Index, which measures wholesale inflation in the US economy, rose just 2.2% year-over-year in July, nearly in line with the Federal Reserve's 2% target. Together, the inflation signals could get the Fed closer to a rate cut.
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