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U.S. Stocks Rally as S&P 500 Targets Record Close Amid Inflation Data
U.S. Stocks Rally as S&P 500 Targets Record Close Amid Inflation Data
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Wall Street surged Tuesday as investors digested the latest U.S. inflation figures, propelling the S&P 500 toward a historic close above 6,400. The Dow Jones Industrial Average leapt over 500 points, while the Nasdaq Composite gained 1.3%, both flirting with record highs.
The consumer price index held steady at 2.7% year-over-year, mirroring June's reading. Core CPI—excluding volatile food and energy costs—ticked up to 3.1% annually, slightly exceeding expectations. Despite this, markets priced in a 94% probability of Federal Reserve rate cuts by September, fueling the equity rally.
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