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  3. US markets end mostly higher on Wednesday

US markets end mostly higher on Wednesday

12 Aug 2021 Evaluate

The US markets ended mostly higher on Wednesday with the Dow and the S&P 500 reaching new record closing highs. The mixed performance on markets came after the Labor Department's highly anticipated reading on consumer price inflation was not bad as some had feared. The Labor Department said its consumer price index climbed by 0.5 percent in July after jumping by 0.9 percent in June. The increase in consumer prices, which came following the biggest jump in thirteen years in the previous month, matched street estimates. Compared to the same month a year ago, consumer prices in July were up by 5.4 percent, unchanged from the annual rate of growth seen in June. The pace of growth was expected to dip to 5.3 percent.

Excluding higher food and energy prices, core consumer prices rose by 0.3 percent in July after surging by 0.9 percent in June. Street had expected core prices to increase by 0.4 percent. The annual rate of growth in core prices slowed to 4.3 percent in July from 4.5 percent in June, matching street estimates. While the pace of core consumer price growth remains well above the Federal Reserve's 2 percent target, traders viewed the modest slowdown as a sign the central bank will not be in a hurry to scale back stimulus. The Fed's asset purchase program has helped prop up the markets throughout much of the coronavirus pandemic, making traders wary of any signs of potential tapering.

Dow Jones Industrial Average rose 220.3 points or 0.62 percent to 35,484.97 and S&P 500 was up by 10.95 points or 0.25 percent to 4,447.7, while Nasdaq fell 22.95 points or 0.16 percent to 14,765.13.

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