Wall St. ends sharply higher as US CPI (Consumer Price Index) softens



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Wall St. ends sharply higher as US CPI (Consumer Price Index) softens

On Friday, all three key indices of Wall St. had closed out the session sharply higher, stretching out a latest leg of rally that had started off a day before the release of latest US CPI data. Aside from that, amid a number of affirmative fundamentals that led to investors’ belief that the US Fed would begin to ease its aggressive rate-hike policy, growth stocks appears to be turbocharging on Friday, leading the day’s gain as tech-heavy Nasdaq rose just a notch shy of 2.0 per cent.

On top of that, among major tech-stocks, Amazon gained 4.3 per cent, while both Apple Inc and Microsoft added over 1 per cent. In the matter of the fact, the latest leg of rally in Wall St. was almost entirely prompted by the latest US inflation data, as US CPI fell below an 8.0 per cent mark for the first time in more than eight months, while US Fed policymakers including the Fed Chair Jerome Powell also had indicated that the time to put an end to an aggressive rate-hike cycle may have come, adding to a havoc-scale boost to investors’ morale.

US CPI fell to 7.7, however, US households appeared to be still languishing amid a soaring housing and rental cost.

Wall St. gains across the board

Citing statistics, in the day’s Wall St.

closing bell, trade-sensitive Dow advanced 0.10 per cent to 33,749.18 and Wall St. bellwether S&P 500 surged 0.93 per cent to 3,993.05, while tech-heavy Nasdaq climbed 1.88 per cent to 11,323.33. Over the week, Dow climbed 3.99 per cent and S&P 500 surged 5.61 per cent, while Nasdaq rose 7.67 per cent.