US: Stocks gain after benign inflation report
[NEW YORK] Wall Street stocks rose early Wednesday, resuming their upward trend following a benign US inflation report and strong results from Twitter.
Both the Dow and S&P 500 edged lower Tuesday, but major indices were all higher Wednesday as data showed overall the Consumer Price Index rose just 0.3 per cent in January.
Analysts said the tepid reading on inflation will likely ensure that the Federal Reserve maintains its posture for low interest rates.
About 30 minutes into trading, the Dow Jones Industrial Average was up 0.3 per cent at 31,468.83.
The broad-based S&P 500 gained 0.6 per cent to 3,927.20, while the tech-rich Nasdaq Composite Index advanced 0.7 per cent to 14,098.78.
Major indices have repeatedly hit records early in 2021 as markets anticipate more US fiscal stimulus and an economic rebound with coronavirus vaccines.
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AFP
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