Wall Street surged on Wednesday, putting the Nasdaq more than 20%
above its June low, after U.S. inflation slowed more than expected in
July and raised hopes the Federal Reserve will become less aggressive
on interest rates hikes.
A sharp drop in the cost of gasoline helped the U.S. Consumer Price
Index stay flat last month after advancing 1.3% in June, the Labor
Department said. The CPI rose by a less-than-expected 8.5% over the
past 12 months after a 9.1% rise in June.
The rally came in the wake of the first notable sign of relief for
Americans who have watched inflation steadily climb. The Nasdaq now
is up 20.8% since bottoming but still needs to pass its prior peak in
November to confirm a new bull market.
above its June low, after U.S. inflation slowed more than expected in
July and raised hopes the Federal Reserve will become less aggressive
on interest rates hikes.
A sharp drop in the cost of gasoline helped the U.S. Consumer Price
Index stay flat last month after advancing 1.3% in June, the Labor
Department said. The CPI rose by a less-than-expected 8.5% over the
past 12 months after a 9.1% rise in June.
The rally came in the wake of the first notable sign of relief for
Americans who have watched inflation steadily climb. The Nasdaq now
is up 20.8% since bottoming but still needs to pass its prior peak in
November to confirm a new bull market.
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