Stocks closed higher on Wall Street Wednesday after the latest report of surging prices appeared to keep the Federal Reserve on track to raise interest rates later this year.
The S&P 500, the Dow Jones Industrial Average and the Nasdaq rose. Technology stocks led the market higher. Inflation jumped 7% last month, its fastest year-over-year pace in nearly four decades, but in line with economists’ forecasts. Fed Chair Jerome Powell told Congress Tuesday the Fed stands ready to raise rates to fight inflation.
On Wednesday:
The S&P 500 rose 13.28 points, or 0.3%, to 4,726.35.
The Dow Jones Industrial Average rose 38.30 points, or 0.1%, to 36,290.32.
The Nasdaq rose 34.94 points, or 0.2%, to 15,188.39.
The Russell 2000 index of smaller companies fell 17.95 points, or 0.8%, to 2,176.06.
For the week:
The S&P 500 is up 49.32 points, or 1.1%.
The Dow is up 58.66 points, or 0.2%.
The Nasdaq is up 252.49 points, or 1.7%.
The Russell 2000 is down 3.75 points, or 0.2%.
For the year:
The S&P 500 is down 39.83 points, or 0.8%.
The Dow is down 47.98 points, or 0.1%.
The Nasdaq is down 456.58 points, or 2.9%.
The Russell 2000 is down 69.26 points, or 3.1%.
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