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| A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., Nov. 11, 2022. Reuters-Yonhap |
Wall Street stocks rose again Thursday after U.S. data showed a moderation in inflation as markets looked ahead to earnings reports from large banks.
The consumer price index last month rose 6.5 percent from a year ago, according to data released Thursday, the smallest increase since October 2021 and the sixth straight month of easing.
The report was in line with projections and added to expectations that the Federal Reserve will pivot from a series of ultra-aggressive interest rate increases.
Several analysts issued reports predicting the Fed would raise interest rates by quarter percentage point in February, down from the half percentage point hike in December.
Ryan Sweet, chief U.S. economist at Oxford Economics, called the report "another small step in the right direction."
The Dow Jones Industrial Average finished up 0.6 percent at 34,189.97.
The broad-based SP 500 gained 0.3 percent to 3,983.17, while the tech-rich Nasdaq Composite Index advanced 0.6 percent to 11,001.10.
Among individual companies, American Airlines surged nearly ten percent as it lifted its earnings projections for the fourth quarter amid solid travel demand.
Dow member Disney gained 3.6 percent after activist shareholder Nelson Peltz announced a proxy campaign to join the board of the entertainment giant.
But KB Home fell 2.8 percent as the company's quarterly results lagged expectations. The homebuilder described current market conditions as "challenging" due to high mortgage rates and economic uncertainty.
Markets are looking ahead to a deluge of bank earnings Friday, the unofficial kickoff of the quarterly earnings season. The group of companies releasing results includes JPMorgan Chase and Bank of America. (AFP)
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