Stock Market Soars on CPI Report

The stock market is soaring higher this morning thanks to an encouraging CPI report.

For October, consumer prices rose by 0.4%. That was 0.2% less than expected. Over the past year, consumer prices increased by 7.7%.

If we exclude food and energy, then consumer prices rose by 0.3% last month. That was also 0.2% less than expected. In the last year, core prices are up 6.3%.

As soon as the news came out at 8:30 ET, the Dow Jones futures soared 800 points. The S&P 500 is close to its highest close in two months.

Fed watchers have also taken notice. Yesterday, the odds of a 0.75% hike at the Fed’s December meeting were 43%. Now they’re 19%. That’s why stocks are up.

Posted by on November 10th, 2022 at 10:06 am


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