- U.S. stocks rose broadly on Wednesday with the S&P 500 index hitting a five-month high, after latest data backed the Federal Reserve’s patient stance on future interest rate hikes.
“It’s a risk-on trade and a lot of it has to do with the continued muted inflation that we’re seeing from yesterday’s CPI and today’s PPI. That gives investors confidence that the Fed is going to remain dovish,” said Ryan Nauman, market strategist at Informa Financial Intelligence in Zephyr Cove, Nevada.
Technology shares rose 1.08 percent and provided the biggest boost to the benchmark S&P 500. The sector was propped up by Microsoft Corp and Apple Inc. At 12:49 p.m. ET, the Dow Jones Industrial Average was up 166.59 points, or 0.65 percent, at 25,721.25. The S&P 500 was up 23.67 points, or 0.85 percent, at 2,815.19 and the Nasdaq Composite was up 68.03 points, or 0.90 percent, at 7,659.06.
2008 redux. Or I should say the years leading up to it.
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