4.10pm: US markets buoyant ahead of key inflation numbers
US markets pushed higher into the close as investors took the view that tomorrow’s inflation figures would show a slowdown in the pricing pressures that have forced the Federal Reserve to hike interest rates.
At the close The Dow Jones Industrial Average rose 268 points, or 0.8%, to 33,972, the S&P 500 advanced 50 points, or 1.28%, to 3,970, and the Nasdaq Composite jumped 189 points, or 1.76%, to 10,932.
Economists expect the CPI to show prices cooled by a modest 0.1% in December from the prior month leaving annual growth of 6.5% while core inflation (excluding food and energy prices) is seen 0.3% higher in December than the prior month and 5.7% higher than a year ago.
“It’s really all today about kind of positioning ahead of head of CPI,” said Daniel Eye, chief investment officer at Fort Pitt Capital Group. “You’re trying to…
