Stocks rose Wednesday as investors grew increasingly confident that Thursday’s consumer price index will show cooling inflation. The Dow rose 0.80%. The S&P 500 popped 1.28%. The Nasdaq surged 1.76%.
Stocks rose Wednesday as investors grew increasingly confident Thursday's consumer price index will show cooling inflation and signal to the Federal Reserve that previous interest rates hikes have had their intended effects.
The Dow Jones Industrial Average closed up 268.91 points, or 0.80%, at 33,973.01. The S&P 500 gained 1.28% to end at 3,969.61. The Nasdaq Composite led the indexes for another day, adding 1.76%, to close at 10,931.67.Economists polled by Dow Jones expect the CPI to show prices cooled by a modest 0.1% in December from the prior month. The forecast still calls for a 6.5% increase from the prior year. Excluding food and energy prices, economists expect the CPI for December will be 0.
Wednesday brought the first four-day rally for the Nasdaq since September. The index has climbed this week as investors pick up beaten-down technology stocks, which they expect to fare better if the Fed eases on its rate-hiking campaign. "As we get closer to the end of this interest rate hike campaign that the Fed is doing, tech stocks should rally," said Gina Bolvin, president of Bolvin Wealth Management Group. "Let's just face it: Last year they got creamed, so there are investors that want to pick up some bargains."After CPI, investors will follow big bank quarterly results on Friday, which kick off a new earnings season.
"We view 4Q22 earnings and 1Q23 sub guide as a near term catalyst, as well as the launch of or any further announcements related to the ad supported pricing tier and paid sharing initiatives," Blackedge said.
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