Wall Street Sends Big Tech to Fresh Highs Post-CPI: Markets Wrap
- Stocks rise after inflation data cement interest-rate cut bets
- Canadian dollar rises after BOC signals slowdown on easing
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Investors’ enthusiasm for US technology giants sent stocks higher Wednesday, snapping a two-day slide after a benign inflation report cemented expectations that the Federal Reserve will keep cutting interest rates. Treasuries ended the day lower.
The Nasdaq 100 climbed 1.9% to a record while the S&P 500 rose 0.8%, nearing a recent peak. Broadcom Inc. led the advance following a report that the chipmaker was working on an AI deal with Apple Inc. The so-called Magnificent Seven were once again in the pole position, with shares of Tesla Inc., Amazon.com Inc. and Facebook-parent Meta Platforms Inc., setting all-time highs. Wall Street’s optimism proved enduring even as inflation remains stubbornly above the central bank’s target.