Stocks on CPI Eve Close Out Best 4 Days Since June: Markets Wrap
- Apple adds most to S&P 500 gains on iPhone pre-order data
- 10-year Treasury yield rises after auction; curve steepens
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US stocks rose on the final day of trading before the release of key consumer-price data, with risk sentiment buoyed by speculation inflation is near peaking. The dollar fell for a second day.
The S&P 500 extended last week’s rally, notching the biggest gain over a four-day span since June as all 11 major industry groups rose. Apple Inc. was the largest contributor to the benchmark’s advance as pre-order data showed the iPhone 14 Pro Max was the best selling model, surpassing what the older version did over a similar timeframe. The dollar declined versus all of its G-10 peers except the yen. The Treasury curve steepened, with 10-year yields rising after a weak auction of similar-maturity notes.