Wall Street rose and the S&P 500 ended the day at an all-time closing high even as consumer prices saw the largest annual increase in nearly four decades
The indexes all ended the session higher than last Friday's close, and the benchmark S&P 500 posted its biggest weekly percentage advance since the week ended Feb. 5, as waning jitters over the Omicron coronavirus variant helped fuel a broad rally early in the week.A report from the Labor Department showed consumer prices surged last month to a 6.8% annual growth rate, the highest reading in more than 39 years.
"Clearly, it’s being driven primarily by supply-chain issues," Said Tim Ghriskey, senior portfolio strategist at Inverness Counsel in New York. "But it appears these issues could be easing, and over time we should see them moderate. And that should take the foot off the inflation accelerator." "The Fed is has telegraphed on tightening sooner rather than later," Carlson added. "The markets are more comfortable with Fed tightening if it reduces inflation expectations."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks close lower on Wall Street as rally momentum coolsA sell-off on Wall Street left stocks broadly lower Thursday, giving back some of the market's gains from a three-day winning streak.
Read more »
Asia markets follow Wall Street to dip at openAsian markets opened mostly lower on Friday, following a weak lead from Wall Street and as investors awaited a key US inflation report due later in the day.
Read more »
Street Style Outfits Are Back In Trend To Rock The Holiday PartiesStreet style outfits are the perfect companion to rock your holiday parties. You don't have to hunt for fashion outfits to slay your
Read more »
Applebee's aims to borrow some street cred with Cheetos-flavored boneless wingsBy partnering with a snack-food brand, particularly a highly popular or buzzworthy one, a dining chain can potentially entice some of that brand’s fan base to eat at one of its locations. And now, Applebee’s has what it calls a “Cheetos-inspired menu.”
Read more »
‘A $10-Million Scarecrow’: The Quest for the Perfect ‘Smart Wall’With a smart wall, migrants who found themselves lost in the deserts and mountains along the border would be spotted, captured and safely deported. This is, at least, the vision Joe Biden is counting on.
Read more »
Gucci Makes a Big London Move, Swapping Old Bond for New Bond StreetLuxury fashion brands have been migrating northward from Old Bond Street to New Bond which, pre-pandemic, was the most expensive shopping thoroughfare in Europe.
Read more »