Stock market today: Most of Wall Street rises after a pivotal inflation report comes up cool
Most U.S. stocks are rising after the latest update on inflation bolstered Wall Street’s belief that relief on interest rates may come as soon as September
NEW YORK — Most U.S. stocks are rising Thursday after the latest update on inflation bolstered Wall Street’s belief that relief on interest rates may come as soon as September.
Four out of every five stocks in the S&P 500 index were climbing, though pullbacks for Microsoft, Nvidia and some other influential companies masked that underlying strength. These stocks have surged amid a frenzy around artificial-intelligence technology, causing critics to say they have become too pricey, and they helped drag the S&P 500 down 0.5% from its all-time high set a day before.
The dips for Big Tech stocks also pulled the Nasdaq composite down 1.2% from its own record, while the Dow Jones Industrial Average was 102 points higher, or 0.3%, as of 11:15 a.m. Eastern time.
Still, the direction was decidedly upward for the majority of stocks on Wall Street, particularly housing-related companies, real-estate owners and others that tend to benefit the most from easier interest rates. BXP, the company that owns Boston's Prudential Center and other high-profile office developments across the country, climbed 4.8% for one of the market's bigger gains.
Smaller companies that have been lagging behind the market's behemoths for a while were also strong, and the Russell 2000 index of smaller stocks leaped 3.4% to lead the market decisively.
The action was even stronger in the bond market, where yields tumbled as tracders’ bets built for the Federal Reserve to soon begin lowering its main interest rate. It’s been sitting for nearly a year at its highest level in more than two decades.
Wall
Read more on abcnews.go.com
