U.S. stocks rise amid positive sentiment
Nov 12, 2022
New York [US], November 12: Wall Street's major indexes rose on Friday as markets responded favorably to a cooler-than-expected U.S. inflation report.
The Dow Jones Industrial Average added 32.49 points, or 0.10 percent, to 33,747.86. The S&P 500 increased 36.56 points, or 0.92 percent, to 3,992.93. The Nasdaq Composite Index rallied 209.18 points, or 1.88 percent, to 11,323.33.
Six of the 11 primary S&P 500 sectors ended in green, with energy and communication services up 3.06 percent and 2.48 percent, respectively, outpacing the rest. Health care dipped 1.28 percent, the worst-performing group.
The above market reactions came as encouraging signs in U.S. inflation raised hopes for less aggressive rate hikes from the Federal Reserve.
Data released Thursday showed the core and headline consumer price index for October rose less than forecast, pushing the annual rates down from the previous month.
The year-over-year rate of inflation slowed to 7.7 percent for the headline reading, from 8.2 percent in September. The core rate slowed to 6.3 percent in October year over year, from 6.6 percent in the prior month.
For the week, the Dow rose 4.1 percent, the S&P 500 gained 5.9 percent and the Nasdaq jumped 8.1 percent.
Source: Xinhua
