NEW YORK: The S&P 500 and Nasdaq ended higher on Wednesday (Sept 13) after data showing a moderate increase in consumer prices in August cemented expe...
The S&P 500 and Nasdaq ended higher on Wednesday after data showing a moderate increase in consumer prices in August cemented expectations that the Federal Reserve will leave interest rates unchanged in September.Apple dipped 1.2%, down for a second day after unveiling new iPhones on Tuesday while leaving prices unchanged.The Nasdaq gained 39.97 points to 13,813.59 points, while the Dow Jones Industrial Average declined 70.46 points to 34,575.53 points.
Data showed consumer prices increased by the most in 14 months in August as petrol prices surged, but the annual rise in underlying inflation was the smallest in nearly two years. “I don’t think the Fed wants to throw a shock and do a 25-basis-point hike when the expectations are that they won’t, but rate hikes are not completely off the table for the rest of the year,” said Victoria Fernandez, chief market strategist at Crossmark Global Investment.
“That is somewhat of a red flag, it points to skittishness among equity holders, and that’s not necessarily unexpected,” said Keith Buchanan, a portfolio manager at Globalt Investments in Atlanta.Citigroup rose 1.7% after CEO Jane Fraser announced a major management reorganisation that will result in more job cuts and give her greater direct oversight over the bank as she seeks to simplify its structure.
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