Stock market today: Wall Street gets back to climbing, and the Nasdaq tops 20,000
Wall Street got back to climbing after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve
NEW YORK (AP) — U.S. stock indexes got back to climbing on Wednesday after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve.
The S&P 500 rose 0.8% to break its first two-day losing streak in nearly a month and finished just short of its all-time high. Big Tech stocks led the way, which drove the Nasdaq composite up 1.8% to top the 20,000 level for the first time. The Dow Jones Industrial Average, meanwhile, lagged the market with a dip of 99 points, or 0.2%.
Stocks got a boost as expectations built that Wednesday’s inflation data will allow the Fed to deliver another cut to interest rates at its meeting next week.
Traders are betting on a nearly 99% probability of that, according to data from CME Group, up from 89% a day before. If they’re correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It’s hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target.
