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  3. US markets end higher on Thursday

US markets end higher on Thursday

01 Mar 2024 Evaluate

The US markets ended higher on Thursday with the Nasdaq and S&P 500 reaching new record closing highs. Some support came in following the release of a highly anticipated Commerce Department report showing consumer prices in the U.S. increased in line with street estimates in the month of January. The Commerce Department said consumer prices rose by 0.3 percent in January after inching up by a revised 0.1 percent in December. Street had expected consumer prices to rise by 0.3 percent compared to the 0.2 percent uptick originally reported for the previous month. Excluding food and energy prices, core consumer prices climbed by 0.4 percent in January after edging up by a revised 0.1 percent in December. The increase in core prices also matched estimates.

Meanwhile, the report said the annual rate of consumer price growth slowed to 2.4 percent in January from 2.6 percent in December. The slowdown matched expectations. The annual rate of core consumer price growth also slowed to 2.8 percent in January from 2.9 percent in December, in line with estimates. The inflation readings are said to be favored by the Federal Reserve, and the data generated some optimism about the outlook for interest rates. On the economic data front, the Labor Department released a report showing a bigger than expected increase in weekly jobless claims, while a report from the National Association of Realtors unexpectedly showed a sharp pullback by pending home sales in January.

Dow Jones Industrial Average surged 47.37 points or 0.12 percent to 38,996.39, Nasdaq rose 144.18 points or 0.90 percent to 16,091.92 and S&P 500 was up by 26.51 points or 0.52 percent to 5,096.27.

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