NEW YORK (dpa-AFX) – A sharp increase in inflation did not hurt the New York stock market on Wednesday. Consumer prices in the US rose by 7.0 percent compared to the same month last year. That’s the highest rate of inflation since 1982, but analysts were expecting it.
The leading index Dow Jones Industrial ended up 0.11 percent higher at 36,290.32 points. For the market-wide S&P 500 
it went up by 0.28 percent to 4726.35 points.
The tech-heavy Nasdaq 100 recorded an increase of 0.38 percent to 15,905.10 points. At the beginning of the week, it was at its lowest level since mid-October, suffering particularly badly from interest rate concerns, but has since recovered by almost five percent. The shares of the electric car manufacturer Tesla were among the tech favorites on Wednesday with a plus of 3.9 percent.
Market observers now see interest rate hikes planned by the US Federal Reserve (Fed) as a reaction to high inflation and good economic development being incorporated into share prices. The Fed will probably tighten the monetary policy reins only gradually and at a pace that the financial markets can cope with, wrote strategist Marko Kolanovic of the investment bank JPMorgan. In addition, the tightening of monetary policy is likely to be flanked by a strong cyclical recovery in the economy, according to Kolanovic. He sees no real burden on stocks even in rising capital market yields and interest rate expectations. Rather, they speak for shifts from growth stocks to valuable paper.
Among the individual stocks, the focus was on Biogen shares in the middle of the week, with a price loss of 6.7 percent. The US public health insurance wants to severely limit the assumption of the immense costs for the Alzheimer’s drug Aduhelm from Biogen. The papers of the pharmaceutical company Eli Lilly, which, according to investors, is developing an even more promising Alzheimer’s drug, fell by 2.4 percent.
In the Dow, the titles of the cloud computing specialist Salesforce were ahead with plus 1.3 percent. At the back of the leading index were the shares of Goldman Sachs with minus 3.2 percent. This Friday, JPMorgan, Citigroup and Wells Fargo are the first major US banks to present their quarterly figures. Their courses increased moderately in the middle of the week. Goldman Sachs’ quarterly report will follow next Tuesday.
The Euro Climbed to its highest level since mid-November, trading at $1.1449 after the market close. The European Central Bank (ECB) had set the reference rate at 1.1370 (Tuesday: 1.1336) dollars, the dollar thus cost 0.8795 (0.8822) euros.
In the bond market, the futures contract for ten-year Treasuries (T-Note-Future) by 0.11 percent to 128.53 points. The yield on ten-year government bonds was 1.737 percent./ajx/he
— By Achim Jüngling, dpa-AFX —
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