US EditionStock market today: Wall Street rips higher after inflation data and strong bank profits
- U.S. stocks surged after positive inflation data and strong bank profits, with the S&P 500 rising 1.7% in afternoon trading.
- Wells Fargo and Citigroup reported better-than-expected profits, boosting their stocks by 6.6% and 6.9% respectively.
- The Consumer Price Index showed an annual increase of 2.9%, while core inflation eased to 3.2%, signaling potential for future rate cuts.
- Analysts believe the recent inflation data may open the door for interest rate cuts later in the year, possibly in March.
53 Articles
53 Articles
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On Wednesday, January 15, U.S. markets closed significantly higher, with major indexes recording their largest gains in over two months. The rally was fueled by softer-than-expected inflation data (CPI, PPI) and robust bank earnings. While expectations for Federal Reserve rate cuts increased, concerns about inflation and potential policy shifts under the incoming Trump administration persisted. In economic data, the Consumer Price Index rose 2.9…
Stock markets get boost from bank earnings, inflation data
Washington, United States — Stock markets surged on Wednesday, buoyed by robust US bank earnings and encouraging inflation data from the United States and Britain. Wall Street’s three main indexes closed sharply higher after US financial titans Goldman Sachs, JPMorgan Chase, BlackRock and others posted stellar quarterly results. READ: Bargain hunt buoys blue chips Fresh data published earlier Wednesday showed headline inflation in the Untied Sta…
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