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  3. US markets end higher after CPI report shows cooling inflation

US markets end higher after CPI report shows cooling inflation

13 Jan 2023 Evaluate

The US markets ended higher on Thursday, magnifying their recent sessions’ gains, following the release of highly anticipated consumer price inflation (CPI) data, which largely came in line with Street estimates. The Labor Department said its consumer price index edged down by 0.1 percent in December after inching up by 0.1 percent in November. Street had expected consumer prices to come in unchanged. The report also showed the annual rate of consumer price growth slowed to 6.5 percent in December from 7.1 percent in November, in line with expectations. The annual growth was the slowest since October 2021. Excluding food and energy prices, core consumer prices rose by 0.3 percent in December following a 0.2 percent uptick in November. The increase matched economist estimates. The annual rate of core price growth slowed to 5.7 percent in December from 6.0 percent in November. The year-over-year growth was also in line with expectations.

Meanwhile, the Labor Department also released a separate report showing first-time claims for U.S. unemployment benefits unexpectedly edged slightly lower in the week ended January 7th. The report said initial jobless claims slipped to 205,000, a decrease of 1,000 from the previous week's revised level of 206,000. The dip surprised participants, who had expected jobless claims to rise to 215,000 from the 204,000 originally reported for the previous week. On the sectoral front, Airline stocks showed a substantial move to the upside over the course of the session, with the NYSE Arca Airline Index soaring by 4.1 percent to its best closing level in well over four months. Significant strength was also visible among energy stocks, which benefited from a continued increase by the price of crude oil.

Dow Jones Industrial Average gained 216.96 points or 0.64 percent to 34,189.97, Nasdaq rose 69.43 points or 0.64 percent to 11,001.1 and S&P 500 was up by 13.56 points or 0.34 percent to 3,983.17.

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