Dow Rises More Than 200 Points on Tuesday After Wholesale Inflation Report Comes in Light
The Dow Jones Industrial Average rose on Tuesday as traders weighed a lighter-than-expected producer price index report.
The 30-stock Dow gained 221.16 points, or 0.52%, to close at 42,518.28. The S&P 500 advanced 0.11% to 5,842.91, while the tech-heavy Nasdaq Composite slipped 0.23% to end at 19,044.39
Big Tech stocks slipped on Tuesday, weighing on the S&P 500 and Nasdaq. Nvidia dropped 1.1%, and Meta Platforms fell 2.3%. However, investors flocked toward utilities, financials and materials, with each sector up more than 1%. The SPDR S&P Regional Bank ETF (KRE) and the SPDR S&P Bank ETF (KBE) were each up nearly 3%.
The producer price index, which measures wholesale inflation, increased just 0.2% in December, according to a Bureau of Labor Statistics report. Economists polled by Dow Jones had estimated a 0.4% rise. Core PPI, which excludes food and energy, was flat.
Source : CNBC
