S&P 500 closes higher on soft inflation report, Nasdaq jumps 1% as traders snap up tech shares
The Nasdaq Composite rose on Wednesday after a soft inflation report eased concerns about the economy and as investors snapped up beaten-up technology shares.
The tech-heavy benchmark added 1.22% and closed at 17,648.45, while the S&P 500 gained 0.49% to end at 5,599.30. The Dow Jones Industrial Average slipped 82.55 points, or 0.2%, to settle at 41,350.93.
Though the tech sector is off more than 3% week to date, the cohort bounced on Wednesday to lead the S&P 500 higher. Nvidia gained 6.4%, and AMD added more than 4%. Meta Platforms advanced 2%, and Tesla jumped more than 7%.
The consumer price index, a broad measure of costs across the U.S. economy, increased 0.2% for the month, putting the annual inflation rate at 2.8%. This was lower than the respective Dow Jones estimates for 0.3% and 2.9%. Core CPI, which excludes volatile food and energy prices, rose 0.2% on the month and 3.1% for the past 12 months, both below expectations.
Source : CNBC
