Wall Street surged on Wednesday, putting the Nasdaq more than 20%
above its June low, after U.S. inflation slowed more than expected in
July and raised hopes the Federal Reserve will become less aggressive
on interest rates hikes.
A sharp drop in the cost of gasoline helped the U.S. Consumer Price
Index stay flat last month after advancing 1.3% in June, the Labor
Department said. The CPI rose by a less-than-expected 8.5% over the
past 12 months after a 9.1% rise in June.
The rally came in the wake of the first notable sign of relief for
Americans who have watched inflation steadily climb. The Nasdaq now
is up 20.8% since bottoming but still needs to pass its prior peak in
November to confirm a new bull market.
above its June low, after U.S. inflation slowed more than expected in
July and raised hopes the Federal Reserve will become less aggressive
on interest rates hikes.
A sharp drop in the cost of gasoline helped the U.S. Consumer Price
Index stay flat last month after advancing 1.3% in June, the Labor
Department said. The CPI rose by a less-than-expected 8.5% over the
past 12 months after a 9.1% rise in June.
The rally came in the wake of the first notable sign of relief for
Americans who have watched inflation steadily climb. The Nasdaq now
is up 20.8% since bottoming but still needs to pass its prior peak in
November to confirm a new bull market.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.