US stocks rose on Wednesday, as investors gained optimism after a better-than-expected inflation report.
The Nasdaq closed up 1% as investors fled to technology stocks after a more-than-expected inflation report. The Standard & Poor’s Index added 0.45%, while the Dow Jones Industrial Average fell 0.09%.
Consumer prices for the month of April rose 4.9% from a year ago, less than the 5% annual increase expected by economists in a Dow Jones poll. Month-on-month inflation was in line with expectations for a 0.4% increase in April.
Treasury yields fell after the report, further supporting a stock market that was concerned about rising interest rates killing economic growth. The yield on two-year Treasury bills was 7.5 basis points to 3.949%, while the 10-year yield decreased by 6 basis points.
Shares of technology companies such as Alphabet (1.58%), Nvidia (1.21%) and Tesla (2.09%) rose. Airbnb and Twilo shares fell 11.5% and 16%, respectively, on weak expectations. Profits of electric car maker Rivian rose 9%, with a smaller-than-expected loss. (agencies)
2023-05-10 20:10:10
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