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Stock Market Today: Dow Caps Wild Session, Soaring More than 800 Points

Stock Markets Oct 13, 2022 04:01PM ET
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By Liz Moyer

Investing.com -- U.S. stocks whipsawed on Thursday after a report for September that showed inflation is running hotter than expected.

At 16:01 ET (20:01 GMT), the Dow Jones Industrial Average was up 827 points, or 2.8%, while the S&P 500 was up 2.6% and the NASDAQ Composite was up 2.2%. All three indexes had started the trading day deeply in the red.

The inflation report gives the Federal Reserve more reason to continue on its aggressive path of interest rate hikes when it meets in early November.

The consumer price index rose 8.2% for the year ending in September, a notch more than expected. Core CPI, which doesn’t include food and fuel, rose 6.6%, also a notch more than expected. 

A day earlier, data on producer prices showed inflation in that segment also rose more than expected last month.

The expectation is now that the Fed will raise rates by another 0.75 percentage point, which would be the fourth such hike in a row as it works to beat down inflation. Minutes from its meeting in September showed the policymakers are determined to beat inflation, despite the risk of pain in the economy.

Grocery giant Kroger (NYSE:KR) is talking to rival Albertsons (NYSE:ACI) about a possible deal, according to multiple reports, and an announcement could come this week. Kroger shares rose 1% in late trading, while Albertsons shares jumped 11%.

Applied Materials Inc (NASDAQ:AMAT) shares were up 4.6% after it warned on revenue for the fiscal fourth quarter, saying new rules about exports to China would cut into results. 

Walgreens Boots Alliance Inc (NASDAQ:WBA) shares rose 5% after it beat expectations and raised its outlook for sales.

Stock Market Today: Dow Caps Wild Session, Soaring More than 800 Points
 

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Comments (13)
Joel Schwartz
Joel Schwartz Oct 14, 2022 2:38AM ET
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Central banks all gave up. They created a problem out of thin air and gave up fixing it.
MP Sorensen
MP Sorensen Oct 13, 2022 7:18PM ET
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Why this strong today anyone? Inflation gives higher yields which should not hike stocks as more will have less to give up for graps on the equitymarket? Am I missing something? BR Mogens | https://www.mps-solutions.dk/
Adrian White
Adrian White Oct 13, 2022 6:04PM ET
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Great for day trades with options, or leveraged ETFs.
John Berry
John Berry Oct 13, 2022 6:00PM ET
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Shorts mad as F. 🤣🤣🤣🤣🤣🤣🤣
Eric Miner
Eric Miner Oct 13, 2022 6:00PM ET
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American markets are fake.
Eric Miner
Eric Miner Oct 13, 2022 6:00PM ET
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American markets are fake.
Jins Ho
Jins Ho Oct 13, 2022 5:49PM ET
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what the hell happened? can the expert analysts explain this?
FMGK Blue
FMGK Blue Oct 13, 2022 5:37PM ET
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The YoY CPI was lower than last month and it's the 3rd consecutive decrease ... inflation is slowing down... hence the rally. Hikes from the FED start to show some effects.
Greg Dee
Greg Dee Oct 13, 2022 5:37PM ET
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We all realize the market went up 1100 pts from lows. In the mist of horrific economic predictions by knowledge individuals. I don't get it.
JIM VETTER
JIM VETTER Oct 13, 2022 5:37PM ET
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market manipulations. Just when you hear " the bottom is in" ... it won't be. They'll rake it in riding shorts down.
CS Greer
CSGreer Oct 13, 2022 4:34PM ET
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When inflation goes up, the markets go down.Also, when inflation goes up, the markets go.... up?
닥터 준 Dr Jun
닥터 준 Dr Jun Oct 13, 2022 4:16PM ET
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like Rollercoaster haha
Davi Pjetri
Davi Pjetri Oct 13, 2022 4:14PM ET
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good👍
 
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