US: S&P 500 ends higher as strong inflation data cements rate-hike bets
Volume on US exchanges is relatively light, with 14 billion shares traded
The S&P 500 experienced a rise on Friday, September 11, as strong consumer price data bolstered expectations that the US Federal Reserve would increase interest rates to curb inflation. Oil prices fell, contributing to the market's positive sentiment. Dell Technologies surged by 12%, reaching a record high, while Hewlett Packard Enterprise and HP both gained 12% and 8.4%, respectively, following Oracle's quarterly results that surpassed expectations.
However, Oracle's stock dipped by 1.8%. The CME FedWatch tool indicated a nearly 90% probability that the central bank would raise rates at its meeting on Wednesday, up from a 72% likelihood on Thursday. As a result, the S&P 500 closed the session at 7,656.98 points, up 0.86%, while the Nasdaq gained 1% to 26,333.04 points, and the Dow Jones Industrial Average rose 1% to 52,573.29 points.
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- S&P 500 ends higher as strong inflation data cements rate-hike bets freemalaysiatoday.com
- S&P 500 ends higher as strong inflation data cements rate-hike bets straitstimes.com
