Stock Market Today: Nasdaq Climbs for Fourth Straight Day Ahead of CPI

Stocks climbed higher again Wednesday, with one major benchmark carving out its fourth straight win. Today’s upside came as optimism grew that tomorrow’s release of the Consumer Price Index (CPI) will show that inflation is cooling fast enough to encourage the Federal Reserve to reconsider its size and pace of interest-rate hikes. 

The S&P 500 finished the day up 1.3% at 3,969 and the Dow Jones Industrial Average added 0.8% to 33,973. The Nasdaq Composite rose 1.8% to 10,931, marking its fourth straight win.

Economists expect tomorrow’s CPI release to show that inflation continued to moderate in the final month of 2022. The consensus estimate, according to Dow Jones, is for the CPI to be up 6.5% year-over-year in December. Core CPI, which excludes volatile food and energy prices, is forecast to rise 5.7% on an annual basis. In November, those figures were 7.1% and 6.0%, respectively. 

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