S&P 500 Climbs after High but Low CPI | Market Moovers
Stocks traded flat and climbed Tuesday after CPI inflation numbers came in just 0.1% higher than expected, but still the lowest core numbers in two years. 5,267 stocks advanced in the U.S. market, while just 4,127 fell.
Prelim closing prices for indexes found the $S&P 500 Index (.SPX.US)$ had climbed 1.12% , the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.54% and the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.61%.
Following the CPI news, U.S. government debt sold off on Tuesday, pushing yields to one-week highs.
The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ rose 6.5 basis points to 4.597%, from 4.532% on Monday. The $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ advanced 5.1 basis points to 4.154%, from 4.103% on Monday. The $U.S. 30-Year Treasury Bonds Yield (US30Y.BD)$ rose 3.6 basis points to 4.311%, from 4.275% on Monday.
The consumer price index in the United States rose by 3.2% year-over-year to 310.326 points in February 2024, following a 3.1% increase in January and slightly exceeding the market consensus of a 3.1% advance.
Food costs were up 2.2% compared with one year ago, down from 2.6% YoY compared to last month. Energy costs decreased by 1.9% YoY. Energy costs decreased by 4.6% YoY in January. Energy prices increased by 2.2% on a MoM base.
Used cars and trucks prices decreased by 1.8% YoY. Shelter costs were up 5.7% compared with one year ago, down from 6.0% YoY compared to last month.
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Moo moo News and Community Manager, NJ Office.
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affable Blobfish_403 : The CPI is not low; it's just that the right to interpret is in the hands of a few people on Wall Street, but that's not absolute either.
RDK79 : Who writes these headlines..??
powerful Fish_7325 : 4% inflation still.
Kevin TraversOP RDK79: I do !
StrykerAce : The markets aren’t even keeping up with inflation
RDK79 powerful Fish_7325: OMG, the world is ending
RDK79 StrykerAce: Took a few rereads, but get it now.
70825143 affable Blobfish_403: Agree, tomorrow these Wall Street crooks will use the same CPi data to smash the market
THEWIZARD RDK79: Same old Wall Street media tribe that'll write whatever, from whoever that pays them.
Nothing new, I Don't Read the "News".
THEWIZARD StrykerAce: Sugar Coated. Funds need to sell.
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