Wall Street surges as traders react positively to CPI data
Market Performance: Major market averages rose on Thursday, with the Nasdaq Composite up 1.3%, driven by renewed interest in AI-related stocks following positive results from Micron Technology, while the S&P 500 and Dow Jones also saw gains.
Economic Indicators: The Consumer Price Index (CPI) for November increased by 2.7%, lower than the expected 3.1%, suggesting a potential pause in interest rate hikes by the Federal Reserve, as indicated by analysts.
Sector Trends: Nine of the eleven S&P sectors were positive, led by Consumer Discretionary, while the Energy sector lagged behind. Treasury yields also fell, with the 2-year and 10-year yields both decreasing by 3 basis points.
Job Market and Manufacturing: Initial jobless claims met expectations with a decrease to 224K, while the Philadelphia Fed Manufacturing Index dropped significantly, indicating a contraction in manufacturing activity.
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