- US producer prices rise less than expected
- Walmart jumped on the strong forecast, while other retailers rose
- Indexes rose: Dow 0.17%, S&P 0.87%, Nasdaq 1.45%
Nov 15 (Reuters) – Wall Street’s main indexes rose on Tuesday, shaking off unconfirmed reports of Russian missile launches into Poland that stoked volatility, as investors seized on weaker-than-expected inflation data that raised hopes of a return to rate hikes. US Federal Reserve.
Equities were boosted by Tuesday’s inflation report that showed producer prices rose 8%, compared with an estimated 8.3% increase in the 12 months to October.
A cooler-than-expected report on consumer prices led to gains on a rally that started late last week.
“The market was driven by the slightly lower-than-expected inflation numbers, and last week’s numbers confirmed that we have reached a deflationary corner,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville. Virginia.
“The market was a bit more volatile this afternoon with news about a Russian missile landing in Poland,” Tuz said.
Dow Jones Industrial Average (.DJI) The S&P 500 rose 56.22 points, or 0.17%, to 33,592.92. (.SPX) The Nasdaq Composite rose 34.48 points, or 0.87%, to 3,991.73. (.IXIC) It added 162.19 points, or 1.45%, to 11,358.41.
Two people were killed in an explosion in the village of Przewodo in eastern Poland near the border with Ukraine, firefighters said, as NATO allies investigated reports that the blast was caused by a Russian missile.
The Associated Press previously quoted a senior US intelligence official as saying that the explosion was caused by a Russian missile crossing over Poland. But the Pentagon said it could not confirm that account.
Stocks pulled back around mid-day after the report, with the Dow turning negative before settling.
“The decline was driven by reports of a Russian missile landing in Poland,” said Steve Sosnick, chief strategist at Interactive Brokers. “It could evolve into something worse, but right now markets are nervous, not scared.”
Shares of Walmart Inc (WMT.N) The top U.S. retailer rose 6.5% after lifting annual sales and profit estimates, benefiting from steady demand for groceries despite higher prices.
Home Depot (HD.N) Shares rose 1.6% after the home improvement chain’s results tapped higher prices to override a decline in consumer transactions in the third quarter.
A 3.25-to-1 ratio on the NYSE led to declining issues going forward; On the Nasdaq, a 2.01-to-1 ratio favored advancers.
S&P 500 posts 5 new 52-week highs and no new lows; The Nasdaq Composite hit 85 new highs and 76 new lows.
About 13.1 billion shares changed hands on US exchanges, compared to a daily average of 12.2 billion over the past 20 sessions.
Reporting by Louise Krauskop and Carolina Mandal, Shubham Batra, Shruti Shankar, Amrita Khandekar and Ankika Biswas in New York; Additional reporting by Devik Jain; Edited by Shaunak Dasgupta and Arun Koyur
Our Standards: Principles of Thomson Reuters Trust.