Wall Street stocks are approaching records following Tuesday’s inflation data, which was better than economists had expected despite an uptick in so-called “core” prices, the Associated Press reports.
The S&P 500 climbed 0.6% and was on-track to beat its all-time high, set two weeks ago. The Dow Jones Industrial Average and Nasdaq were up 1% and 0.5%, respectively, with the latter index also approaching a record.
Investors are hoping the latest inflation data will prompt the Federal Reserve to cut its key interest rate at the central bank’s next meeting in September.
Intel’s stock was up 2.3% after President Donald Trump said its CEO has an “amazing story,” less than a week after he had demanded Lip-Bu Tan’s resignation.
Circle Internet Group, the company behind the popular USDC cryptocurrency that tracks the U.S. dollar, rose 5.1% despite reporting a larger loss for the latest quarter than analysts expected.
Celanese plummeted 13.6% even though the chemical company delivered a better profit than expected.
Cardinal Health sank 8.7% despite likewise reporting a stronger profit for the latest quarter than analysts had anticipated.
In the bond market, the yield on the 10-year Treasury ticked up to 4.31% from 4.27% late Monday, while the yield on the two-year Treasury fell to 3.75% from 3.76%.
