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On Wednesday, May 16th, U.S. stock markets closed significantly higher, with major indexes reaching record highs. The S&P 500 and Nasdaq each climbed over 1% following lower-than-expected consumer inflation, which fueled hopes for Federal Reserve rate cuts. Technology stocks led the gains, pushing the Dow closer to the 40,000 mark.
According to the economic data, April U.S. consumer prices rose 0.3% month-over-month, down from 0.4% in March and below market expectations of 0.4%. Annual inflation slowed to 3.4% from 3.5%. U.S. retail sales remained unchanged, following a revised 0.6% increase in March.
Among the S&P 500’s 11 key industry sectors, most saw gains, with rate-sensitive technology stocks and real estate leading the way.
The Dow Jones Industrial Average was up 0.88% and closed at 39,908.00. The S&P 500 gained 1.17% ending the day at 5,308.15 and the Nasdaq Composite rose 1.40%, finishing the session at 16,742.39.
Asia Markets Today
Eurozone at 05:45AM ET
Commodities at 05:45AM ET
US Futures at 05:45AM ET
Dow futures were up 0.06%, S&P 500 futures gained 0.07%, and Nasdaq 100 Futures rose 0.17%.
Forex at 05:45AM ET
The U.S. Dollar Index rose 0.05% to 104.39, USD/JPY was down 0.14% at 154.66, and USD/AUD gained 0.20% to 1.4070.
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