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US stocks trade higher after inflation data

IANS  |  New York 

US stocks traded higher on Wednesday after erasing earlier losses, as investors were digesting the latest data.

At midday, the Dow Jones Industrial Average added 49.98 points, or 0.20 per cent, to 24,690.43. The increased 13.61 points, or 0.51 per cent, to 2,676.55.

The Index was up 67.69 points, or 0.97 per cent, to 7,081.20, reports

US equities opened lower on Wednesday following the release of stronger-than-expected report.

The Index (CPI) rose 0.5 per cent in January on a seasonally adjusted basis, the said on Wednesday. Over the last 12 months, the all items index rose 2.1 per cent.

Excluding the and energy components, the core consumer prices gained 0.3 per cent in January. In the 12 months through January, the core CPI increased 1.8 per cent.

Analysts said the string of data all beat market expectations and thus rekindled concerns of surging inflation, which had helped to send the US equities plunging to two-year lows last week.

Investors worried that strong rise in would push the Federal Reserve to raise interest rates as many as three times later this year.

Market expectations for a rate-hike move in December are now at nearly 62 per cent, up from 50 per cent the day before, according to the CME's FedWatch tracker.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 15 2018. 00:30 IST
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