Stocks Rise on Cooler Than Expected Inflation Data, Strong Micron Earnings
Stocks rose on Thursday as Wall Street weighed the latest inflation data, which came in lighter-than-expected.The Dow Jones Industrial Average traded 339 points, or 0.8%. The S&P 500 popped 1.1%, while the Nasdaq Composite advanced 1.5%.
Micron Technology jumped 13% after the semiconductor play topped Wall Street estimates on the top and bottom lines for the fiscal first quarter and offered a strong revenue forecast for the current period. Micron helped rekindle the artificial intelligence trade, which has seen weakness in recent sessions.
The delayed November consumer price index report — the first one issued to the public after the U.S. government shutdown ended last month — showed that the headline annual inflation rate was 2.7%, according to the Bureau of Labor Statistics. The 12-month rate for core CPI, which excludes food and energy, was 2.6%. Economists polled by Dow Jones had expected the rate for the headline measure and core CPI to come in at 3.1% and 3%, respectively.
Source : CNBC.com
