U.S. shares headed higher today after the latest report on U.S. inflation came in almost exactly as economists expected, according to the Associated Press. Futures for the Dow Jones Industrial Average were up 0.2% at 40,205.00, and S&P 500 futures rose 0.2% to 5,485.75.
Data from the U.S. government said consumers paid prices last month that were 2.9% higher than a year earlier. That data should keep the Federal Reserve on track to cut its main interest rate at its next meeting in September, after keeping rates at an economy-crunching level in hopes of stifling inflation.
In energy trading, benchmark U.S. crude added 22 cents to $77.20 per barrel. Brent crude, the international standard, gained 21 cents to $79.97 per barrel.
In currency trading, the U.S. dollar rose to 147.38 yen from 147.22 yen.
