by Stephen Culp
(Reuters) – The New York Stock Exchange ended higher on Thursday in the wake of technology stocks, as new economic data revived hopes that inflation will continue to slow.
The Dow Jones index fell 0.01%, or -2.43 points, to 38,459.08 points. The broader Standard & Poor’s 500 gained 38.42 points, or 0.74% to 5,199.06 points. The Nasdaq Composite advanced 271.84 points (1.68%) to 16,442.198.
The producer price index (PPI) came out weaker than expected, confirming the idea that price growth continues to slow.
“This morning’s data was slightly more supportive of some sort of soft landing than yesterday’s data,” said Brian Nick, senior investment strategist at the Macro Institute
On Wednesday, the Consumer Price Index (CPI) in the United States rose 0.4% last month and 3.5% year-on-year, in each case growth 0.1 point higher than previous economists’ expectations, limiting the prospects of rate cuts this year from the American Federal Reserve.
“Some are suggesting that the inflation figures that the Fed is really interested in are the PCE ones which will not be as severe as the CPI ones,” added Brian Nick.
At values, fell 9.2% after missing analysts’ estimates for fourth quarter results.
Biotechnology company Alpine Immune Sciences will be acquired by Vertex Pharmaceuticals for approximately $4.9 billion in cash, the two companies announced. Alpine’s stock jumped 36.9%.
(French version Zhifan Liu)
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