US stocks rally as investors anticipate easing inflation
• Thursday’s move bring the Dow and S&P 500 into positive territory for the week, up 0.7% and 0.08%
US stocks finished slightly higher on Thursday as investors weighed the minutes of the Federal Reserve’s July meeting that indicated policy makers were prepared to keep lifting rates.
The Dow Jones Industrial Average rose 18.72 points, or less than 0.1%, closing at 33,999.04. The S&P 500 rose 9.70 points, or 0.2%, ending at 4,283.74. The Nasdaq Composite gained 27.22 points, or 0.2%, to finish at 12,965.34.
On Wednesday, the Dow Jones Industrial Average fell 172 points, or 0.5%, to 33980, snapping a five-day winning streak, while the S&P 500 declined 0.7% and the Nasdaq Composite dropped 1.3%.
Market movers
The 10-year Treasury yield declined 1.5 basis points to 2.879%.
Amid a run-up shares of Bed Bath & Beyond Inc. fell 19.6% after GameStop Corp. Chairman Ryan Cohen disclosed he’s planning to sell his big stake in the company just months after he bought it.
Cisco Systems Inc. rose 5.8% after the company forecast stronger-than-expected revenue growth in the months ahead when it reported its second-quarter earnings Wednesday night.
Shares of Kohl’s Corp. tumbled 7.7% after the department store chain reported fiscal second-quarter profit that missed expectations.
Also read:
US inflation jumps to 9.1%, highest rate since 1981 as consumer pressures intensify
