The US stock markets ended the day higher on Wednesday after the latest report of surging prices appeared to keep the Federal Reserve on track to raise interest rates later this year.
Major Wall Street indices – S&P 500, the Dow Jones Industrial Average and Nasdaq – surged as technology stocks led the market higher. Inflation jumped 7 percent last month, its fastest year-over-year pace in nearly four decades, but in line with economists’ forecasts. Fed Chair Jerome Powell told Congress Tuesday the Fed stands ready to raise rates to fight inflation.
US stock markets on Wednesday:
The S&P 500 rose 13.28 points, or 0.3%, to 4,726.35.
The Dow Jones Industrial Average rose 38.30 points, or 0.1%, to 36,290.32.
The Nasdaq rose 34.94 points, or 0.2%, to 15,188.39.
The Russell 2000 index of smaller companies fell 17.95 points, or 0.8%, to 2,176.06.
US stock markets for the week:
The S&P 500 is up 49.32 points, or 1.1%.
The Dow is up 58.66 points, or 0.2%.
The Nasdaq is up 252.49 points, or 1.7%.
The Russell 2000 is down 3.75 points, or 0.2%.
US stock markets for the year:
The S&P 500 is down 39.83 points, or 0.8%.
The Dow is down 47.98 points, or 0.1%.
The Nasdaq is down 456.58 points, or 2.9%.
The Russell 2000 is down 69.26 points, or 3.1%.
–With agency inputs