Stock market today: Wall Street drifts to a mixed finish after an inflation update
U.S. stocks drifted to a mixed finish after the latest inflation update boosted hopes that more help for the economy will arrive next month from another cut to interest rates
NEW YORK (AP) — U.S. stocks drifted to a mixed finish Wednesday after the latest inflation update boosted hopes that more help for the economy will arrive next month through a cut to interest rates.
The S&P 500 was nearly unchanged and edged up by less than 0.1%, coming off its first loss since a big rally erupted after Election Day last week. The Dow Jones Industrial Average added 47 points, or 0.1%, and the Nasdaq composite slipped 0.3%.
The bond market was also mixed after a report said the inflation that U.S. consumers felt last month was exactly as economists expected. It accelerated to 2.6% from 2.4%, but an underlying measure called “core inflation” did not accelerate. Such core inflation can be a better predictor of future trends, economists say, and the as-expected number boosted expectations for help coming from the Federal Reserve.
“Bang in-line core inflation leaves the Fed on track to cut rates in December,” according to Lindsay Rosner, head of multi sector fixed income investing at Goldman Sachs Asset Management.
