A gauge of global stock markets climbed for a second day on Wednesday, March 10, to its highest level in a week and the Dow Jones Industrial Average hit a record high after a report on US consumer prices calmed concerns about inflation., in line with expectations, after a 0.3% increase in January. Core CPI, which excludes the volatile food and energy components, edged up 0.1%, just shy of the 0.2% estimate, after being unchanged the prior two months.
"It is not the biggest deal as long as it is kept in check," said Ross Mayfield, investment strategist at Baird in Louisville, Kentucky."Higher rates are not really the boogeyman, more the speed of it over the last month or two." The fall in the 10-year yield after the auction wasn't enough to help the tech-heavy Nasdaq, which lagged both the Dow and the S&P 500 after its strong move on Tuesday, as investors stayed with names expected to benefit from the economic reopening like financials.