US: Stocks extend rally, reach highest level since early 2022

WALL Street stocks shook off early weakness and finished higher on Tuesday, extending a rally following mixed inflation data.

The consumer price index report showed a slight dip in overall inflation compared with October. But core inflation - which excludes volatile food and energy components - held steady, disappointing analysts who were hoping for a more decisive report.

Still, stocks gained ground as the day progressed, lifting all three major indices to their highest level since early 2022.

The Dow Jones Industrial Average finished up 0.5 per cent at 36,577.94.

The broad-based S&P 500 advanced 0.5 per cent to 4,643.70, while the tech-rich Nasdaq Composite Index jumped 0.7 per cent to 14,533.40.

“The strength is feeding on itself as we get toward the end of the year,” said Tom Cahill of Ventura Wealth Management.

“There’s some portfolio managers that are getting exposure to the market, because they fear underperforming again next year,” he said.

Among individual companies, Hasbro fell 1.1 per cent after the toymaker announced it was cutting nearly 1,000 more jobs, following a first round of cost-cutting that fell short of goals.

Oracle plunged 12.4 per cent after the software giant reported revenues that missed analyst expectations.

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US: S&P 500, Nasdaq subdued at open after inflation data

Ford advanced 0.8 per cent following a CNBC report that it will cut output of the F-150 Lightning lightning pickup by roughly half in 2024.

Boeing added 0.2 per cent as it reported an uptick in deliveries of its 737 MAX aircraft in November. AFP