DST News: Stronger-than-expected inflation data on Friday morning fueled a powerful end-of-week rally on Wall Street, propelling the Dow, S&P 500, and Nasdaq Composite to new record highs.
The Dow Jones Industrial Average jumped 473 points, or 1.01%, to finish at 47,207.12 — marking its first-ever close above the 47,000 milestone. The S&P 500 rose 0.79%, while the tech-focused Nasdaq advanced 1.15%. Meanwhile, the CBOE Volatility Index (VIX), Wall Street’s gauge of market fear, fell 5%.
Investor confidence strengthened after the September Consumer Price Index (CPI) report revealed inflation rose over the year but at a slower pace than economists had forecast.
The data heightened expectations that the Federal Reserve will begin cutting interest rates during its upcoming meetings in November and December. Lower rates typically reduce borrowing costs and encourage spending and investment, providing ongoing support for economic growth and the stock market.
Source: CNN News
