Wall Street indexes close up; data keeps smaller Fed rate cut in view
Wall Street's main indexes closed higher on Thursday after the latest inflation data reinforced expectations for a 25-basis point rate cut by the Federal Reserve, while Moderna's weak revenue forecast made it the S&P 500's biggest percentage loser.
The producer price index (PPI) for final demand rose 0.2% in August, compared with estimates for 0.1% growth. The core number, which strips out volatile food and energy prices, rose 0.3%, higher than the 0.2% forecast.
Separately, initial claims for state unemployment benefits stood at 230,000 for the week ended Sept. 7, in line with estimates.
«This week's data pretty much confirms that we're not likely to have a hard landing and that we're in a soft landing,» said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
«As long as investors see that interest rate cut and a path forward for interest rate cuts they're excited about prospects in the stock market and especially the growthier sections.»
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