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US shares broadly higher amid bank earnings, inflation data
DJIA up 404.41 points (Il Sole 24 Ore Radiocor) - New York, 12 Jul - US shares were trading broadly higher with major indices at new all time highs as investors digested a first round of big bank earnings and wholesale inflation that came in a tad higher than expected.
The producer price index for June rose 0.2% from the previous month and was up 2.6% from a year ago, both above analyst expectations of 0.1% and 2.3%. Core PPI, stripping out food, energy and transport, was unchanged on the month and up 3.1% on the year, roughly in line with forecasts.
Yesterday's consumer price reading came in cooler than expected, confirming a downward trend and raising expectations that interest rate cuts may now come as early as September.
According to the CME FedWatch Tool, the market is now pricing in a 91% chance the Fed cuts rates in September compared to a 75% chance just two days ago.
At 1824 GMT, the Dow Jones was up 404.41 points, or 1.02%, at 40,158.16 points.
The S&P 500 was 56.87 points, or 1.02%, higher at 5,641.41 points.
The Nasdaq was gaining 211.72 points, or 1.16%, at 18,496.13 points.
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(RADIOCOR) 12-07-24 19:50:59 (0589) 5 NNNN