Day: 10 October 2024

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U.S. consumer prices rose by 0.2% in September 2024 – higher than expected at 2.4%

U.S. CPI

Over the past year, the rate of U.S. price increases accelerated unexpectedly in September 2024, as policymakers considered their decision on interest rates, as indicated in a U.S. Labor Department report on Thursday 10th October 2024.

Sticky U.S. inflation

The consumer price index (CPI), which measures the cost of goods and services throughout the U.S. economy, rose by 0.2% for the month, resulting in an annual inflation rate of 2.4%. Both figures were 0.1% than ‘forecast’.

When food and energy are excluded, the core prices saw a 0.3% increase for the month, leading to an annual rate of 3.3%. These core figures were also 0.1% above the ‘forecast’.

The report from the Bureau of Labor Statistics noted that the majority of the inflation rise – over three quarters of the increase was due to a 0.4% surge in food prices and a 0.2% rise in shelter costs.

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S&P 500 and Dow hit new all-time

All time high

Stocks broadly climbed for a second consecutive session on 9th October 2024 with Dow & S&P 500 reaching new record highs

The S&P 500 and Dow Jones Industrial Average both closing at record highs, buoyed by a surge in technology stocks and a dismissal of geopolitical worries.

The S&P 500 increased to 5792, marking a new all-time high, while the Nasdaq Composite rose to end at 18291. The Dow Jones Industrial Average jumped 431 points to close at a record 42512.

Leading the rally were technology stocks, with Amazon and Apple each gaining over 1%. Super Micro Computer saw a significant 4% increase. The gains helped offset a rocky start to October, propelling the major indices into positive territory for the month.

Following the release of minutes from the Federal Reserve’s September meeting, which showed a 0.50% interest rate cut, stocks held onto their gains. The minutes indicated that a ‘substantial majority of participants‘ were in favour of the more significant rate reduction.

Record high reached for the S&P 500 on 9th October 2024

Record high reached for the S&P 500 on 9th October 2024

Record high reached for the Dow Jones on 9th October 2024

Record high reached for the Dow Jones on 9th October 2024