The 7.7% in October implied a slowdown compared to the 8.2% in September and the 8% expected by analysts. But the underlying inflation indicator is what generated the most optimism since the focus is on this index to observe the dynamics of inflation.
wall street
Wall Street’s main indexes soared more than 7% and staged the biggest rally of the year as the CPI data raised hopes that the Fed will slow the pace of rate hikes. With this inflation report, projections hold that the Federal Reserve is on track for a 50 basis point rate hike in December, down from the latest 75 basis point hikes.
The Nasdaq and S&P 500 reached their best day since April 2020, while the Dow Jones industrial advanced more than 1,000 points. Rate-sensitive tech stocks rose strongly: Tesla (7.4%), Microsoft (8.2%), Apple (8.9%), Amazon.com (12.1%), Meta Platforms (10, 2%) and Nvidia (14.3%).
In short, the Nasdaq technology index soared 7.3% during the day. In parallel, the representative S&P 500 climbed 5.5% and the Dow Jones industrial advanced 3.6%. The CBOE Volatility Index, also known as the Wall Street Fear Gauge, fell to a nearly two-month low of 23.75 points.
On the other hand, the news also impacted on a drop in the dollar on a global scale: the so-called dollar index fell 2.2% yesterday, to 108.12 units, its lowest value since September 13. Meanwhile, cryptocurrencies began to recover after sinking hard after the Binance platform scrapped plans to bail out its ailing rival FTX. Bitcoin rebounded 11% and approached $18,000.
Source: Ambito

David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.