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Dec 11 (Reuters) – The S&P 500 and Dow Jones rose but the Nasdaq edged lower ahead of an action-packed week that included the Federal Reserve meeting and U.S. inflation data.
The last Federal Reserve meeting of 2023 and the US inflation report this week will test the strength of a US stock market rally that some see as excessive.
“Tomorrow’s CPI data should confirm that inflation is retreating and that quantitative tightening is reducing inflation trends without plunging us into recession,” said Sam Stovall of CFRA Research.
The Dow Jones index rose 0.23% to 36,331.56 points by 18:47 Moscow time, the S&P 500 index rose 0.12% to 4,610.11 points, and the Nasdaq fell 0.16% to 14,381.04 points.
The tech-heavy Nasdaq was weighed down by heavyweights, with Alphabet shedding 1.97% and Amazon.com down 1.73%, while chipmakers Micron Technology and Broadcom pared losses with gains of 3.62. % and 5.83%, respectively.
Limiting losses in Dow blue chips, Nike rose 2.22% after brokerage Citigroup upgraded its stock rating to buy from neutral.
Original post in English available at: (Shristi Achar A and Joanne M Cherian in Bangalore)
2023-12-11 16:33:12
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