New York, US | Xinhua | U.S. stocks finished higher on Friday even after data showed a key U.S. inflation gauge rose at the fastest annual pace in almost 40 years.
The Dow Jones Industrial Average climbed 216.30 points, or 0.60 percent, to 35,970.99. The S&P 500 increased 44.57 points, or 0.95 percent, to 4,712.02. The Nasdaq Composite Index rose 113.23 points, or 0.73 percent, to 15,630.60.
All the 11 primary S&P 500 sectors ended in green, with technology and consumer staples up 2.07 percent and 2 percent, respectively, leading the gains.
U.S.-listed Chinese companies traded mostly higher with six of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.
On the economic front, the U.S. consumer price index (CPI) in November rose 0.8 percent from the previous month and 6.8 percent from a year earlier, the largest 12-month increase since the period ending June 1982, the Labor Department reported on Friday.
The core CPI, which excludes food and energy, rose 0.5 percent last month for a 4.9 percent year-on-year increase, showed the report.
“From a trading perspective, the most important thing about November year-on-year inflation at its highest since 1982 is confirmation the October CPI was not a one-off blip,” Will Compernolle, senior economist at FHN Financial, said Friday in a note.
“The highest year-on-year inflation in almost 40 years solidifies market expectations for a more hawkish Fed in 2022,” Compernolle added.
The U.S. Federal Reserve is set to hold its monetary-policy meeting next week
The post U.S. stocks rise despite hot inflation report appeared first on The Independent Uganda:.
from The Independent Uganda: https://ift.tt/30k3mXW
0 Comments