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Stocks Edge Higher on Wall Street 05/14 09:35
Stocks edged higher in morning trading on Wall Street Tuesday, putting the
market a bit closer to the record high it set in late March.
NEW YORK (AP) -- Stocks edged higher in morning trading on Wall Street
Tuesday, putting the market a bit closer to the record high it set in late
March.
The S&P 500 rose 0.1% and is within about 0.5% of its record set in late
March. The Dow Jones Industrial Average rose 83 points, or 0.2% to 39,515 as of
10:09 a.m. Eastern. The Nasdaq composite rose 0.2%.
Several "meme" stocks were racing higher again including GameStop and AMC
Entertainment in a reprise of the social-media driven frenzy of three years ago.
An update on inflation showed that prices remain stubbornly high at the
wholesale level, before many price changes are passed along to consumers. The
latest producer price index showed that inflation rose sharply in April. The
report also included a revision lower for the March reading. The report is the
first of two big inflation updates this week that are being closely watched by
Wall Street.
Bond yields edged lower. The yield on the 10-year Treasury slipped to 4.46%
from 4.49% late Monday.
The bigger test for markets comes Wednesday, when the U.S. releases its
monthly update on consumer prices, or inflation faced by households. Wall
Street is hoping for easing inflation that will push the Federal Reserve to
start cutting interest rates. Investors have been curtailing their expectations
for the the speed and frequency of interest rate cuts this year as inflation
rates barely budge, while the economy remains resilient.
Earnings have been a bright spot for markets, helping to support gains for
major indexes in May after a rough April. Companies in the S&P 500 are mostly
finished with their latest results, which show a 5% gain in earnings overall.
Stocks were mostly higher in Europe and Asia.
Chinese markets slipped following U.S. plans to raise tariffs on imports
from China.
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