Wall St ends higher on cool inflation data, strong earnings
Cooler inflation and upbeat earnings lifted the S&P 500 0.38%, while PayPal jumped after reports of a takeover offer.
- Wall Street stocks gained ground on July 15 as softening inflation data and solid bank earnings added momentum to the second-quarter reporting season.
- The Producer Price Index report provided a second straight day of cooler-than-expected inflation data, with the reading coming in at 3.5 per cent instead of above 3.8 per cent.
- BlackRock shares advanced 6.6 per cent and Morgan Stanley ended up 0.4 per cent, while PayPal surged 17.2 per cent after sources told Reuters that Stripe and Advent International jointly offered to acquire it.
- Financial markets now price in a 10.2 per cent likelihood of a rate hike this month, down from 31 per cent a week ago, according to CME FedWatch tool data.
- Federal Reserve chair Kevin Warsh testified before the Senate Banking Committee, while Fed Governor Lisa Cook said she is "prepared to act" if inflation does not soon begin to slow.
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Wall Street Advances as Cooler Inflation and Strong Bank Earnings Lift Investors
The S&P 500, Nasdaq and Dow closed higher after wholesale inflation came in below expectations, while strong results from BlackRock and Morgan Stanley strengthened confidence ... The post Wall Street Advances as Cooler Inflation and Strong Bank Earnings Lift Investors first appeared on [your]NEWS.
Stock Market Today, July 15: Markets Rise on Cooler Inflation and Strong Earnings Start
The Nasdaq Composite (NASDAQINDEX:^IXIC) rose 0.62% to 26,269 as technology buyers focused on artificial intelligence (AI) infrastructure, the S&P 500 (SNPINDEX:^GSPC) gained 0.38% to 7,572 on cooler inflation data, and the Dow Jones Industrial Average (DJINDICES:^DJI) added 0.29% to 52,659 amid a positive start to the quarterly earnings season.Gold prices fell 0.05% to $4,060.78 as of U.S. market close, while the 10-Year Treasury yield decrease…
The New York stock exchange closed higher today, supported by data indicating slowing inflation in the US and strong corporate earnings reports. The Dow Jones rose 0.29%, the S&P 500 increased by 0.38%, and the Nasdaq gained 0.62%.
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