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Stocks Edge Higher as Investors Shake Off August Inflation Report

Stock Markets Sep 14, 2022 12:38PM ET
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By Liz Moyer

Investing.com -- U.S. stocks edged higher a day after a market rout induced by a hotter-than-expected inflation report for August.

At 12:34 ET (16:34 GMT), the Dow Jones Industrial Average rose 30 points, or 0.1%, while the S&P 500 rose 0.3% and the NASDAQ Composite rose 0.6%.

Tuesday’s sharp drop – tech stocks sold off 5% – was the worst since June 2020. Investors had hoped a cooler inflation report would encourage the Federal Reserve to act less aggressively on interest rates as it tries to tame inflation.

Now, the market is expecting the central bank to raise its benchmark rate by a 0.75 percentage point when it meets next week, and there is increasing sentiment that the Fed may raise rates by a full point.

Fed officials in recent weeks have said they would do whatever it takes to tame still stubborn inflation, even if that means pain to the economy. While gasoline prices have fallen from their peak in June, food prices continue to climb, pinching household budgets.

Another inflation measure, the producer price index, dropped 0.1% in August from the month before, meeting expectations.

Tech stocks sold off sharply on Tuesday and some continued to decline on Wednesday. Meta Platforms Inc (NASDAQ:META), the Facebook parent, is down 1.4% after falling more than 9% a day earlier.

Starbucks Corporation (NASDAQ:SBUX) shares rose 5.7% a day after telling investors it expected double-digit revenue growth in coming quarters.

Oil rose. Crude Oil WTI Futures was up 2.8%, to $89.73 a barrel, while Brent Oil Futures crude rose 2.4% to $95.39 a barrel. Gold Futures dipped 0.3% to $1,712 an ounce.

Stocks Edge Higher as Investors Shake Off August Inflation Report
 

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Comments (7)
Bikram Chaulagain
Bikram Chaulagain Sep 14, 2022 1:55PM ET
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Mary Mullin
Mary Mullin Sep 14, 2022 1:34PM ET
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how come they did'nt shake it off yesterday?
Bikram Chaulagain
Bikram Chaulagain Sep 14, 2022 1:34PM ET
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hello
Gordan Zamic
Gordan Zamic Sep 14, 2022 1:27PM ET
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full of 💩💩💩 inflation is going down by numbers 9.1, 8.5, 8.3 and you writing about 1 hike rate, hahaha...don't be bull be normal
Harrsha Suri
Harrsha Suri Sep 14, 2022 1:20PM ET
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What just a little $20 up from uesterday on SPX and thr headline says shake off?? Whaaat?
Bhagwan Dass
Bhagwan Dass Sep 14, 2022 1:16PM ET
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only demand in dollar ,NG an silver
Casador Del Oso
Casador Del Oso Sep 14, 2022 1:07PM ET
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Inflation won't be under control until irresponsible fiscal spending ends. Inflation doesn't move in a straight line so it will alternate between higher and lower.
Yellow Owl
Mystic_Owl Sep 14, 2022 12:46PM ET
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Of course.
 
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