4.10pm: Geopolitical concerns pull US markets back from highs
US markets remained firm at the close, but off earlier highs, as geopolitical concerns knocked sentiment a touch after reports that stray Russian missiles had crossed into Poland killing two people in what would be the first time NATO territory has been struck during the Ukraine war.
The news took some of the steam out of another strong market rally which followed weaker than expected PPI numbers which boosted hopes that inflation was being tamed meaning the Fed may slow the pace of interest rate increases.
At the close the Dow Jones Industrial Average was up 56 points, or 0.17%, to 33,592, the S&P 500 rose 34 points, or 0.87%, to 3,992 and the Nasdaq Composite jumped 162 points, or 1.45%, to 11,358.
“The PPI read certainly adds more fuel to the fire for those who feel we may finally be on a downward inflation trend,” said Mike…