Wall Street soared at the opening bell after inflation eased by even more than expected in October.
NEW YORK — Wall Street surged to its best day since April 2020 as markets cheered a government report that inflation cooled more than expected last month.
All the action stemmed from a U.S. government report showing that inflation slowed in October for a fourth straight month since hitting a peak of 9.1% in June. The reading of 7.7% was better than the 8% economists were expecting. By raising rates, the Fed is intentionally trying to slow the economy and jobs market in hopes of undercutting inflation, which hit a four-decade high in the summer. The risk is that it can create a recession if it goes too far, and higher rates drag down on prices for stocks and other investments in the meantime.
The Nasdaq composite, which is full of tech-oriented stocks, is on track for its best day since the spring of 2020, when Wall Street was in the midst of its frenzied recovery from the crash caused by the coronavirus. The broader S&P 500, which sits at the heart of many 401 accounts, is as well.
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