U.S. stocks ended slightly higher on Wednesday after swinging between gains and losses for much of the session, as data showed that costs for wholesale goods and services fell for the second month in a row.
- The Dow finished higher +30.12 or +0.10%
- The S&P 500 gained +13.32 or +0.34%
- The Nasdaq advanced +86.10 or +0.74%
Investors on Wednesday struggled to find their footing after all three benchmark stock indexes suffered their worst day in more than two years.
August producer price inflation, or PPI, which measures the cost of wholesale goods and services, dropped 0.1% in August, the government said Wednesday, mostly due to lower gasoline prices. The decline was in line with the forecast by economists polled by the Wall Street Journal. Still, core PPI, a separate measure of wholesale prices that excludes volatile food and energy costs, rose by 0.2% in August.
The increase in wholesale prices over the past year slowed to 8.7% from 9.8% in the prior month. The increase in these so-called core prices over the past year also slowed to 5.6% from 5.8%.
In a blow to investors who had been hoping for an easing in high inflation, Tuesday’s data showed the U.S. CPI rising 0.1% in August and the annual rate slowing to 8.3%, against expectations for a monthly fall of 0.1% and a year-over-year rate of 8%. The core inflation rate also climbed by more than expected………[read more]
*Click on the “First Slice” icon to read the full article! After you read the full article, come back and tell us your thoughts.