Economy

Wall St rises on inflation data but on track for weekly losses

Wall St rises on inflation data but on track for weekly losses”

U.S. stocks ended higher on Friday, snapping three days of losses, as investors bet on a slower USA rate hikes, but gains were muted by increasingly aggressive exchanges between the United States and North Korea. The Consumer Price Index was the main economic focus for the day.

Over the five days, the S&P 500 dropped 1.43 percent, one basis point shy of the year's biggest weekly drop, posted in March.

"The market is trying to interpret the CPI data as somewhat positive because it is anticipating that the Fed will be on hold not only in September but also possibly in December", said Robert Pavlik, chief market strategist at Boston Private Wealth. They yielded 1.05 percent and 1.14 percent in when-issued trading.

Almost $1 trillion has been wiped out from global equity markets since tensions were sparked off by Trump's "fire and fury" comments on Tuesday.

Based on the latest available data, the Dow Jones Industrial Average rose 14.31 points (or 0.07 percent) to 21,858.32, the S&P 500 gained 3.11 points (or 0.13 percent) to 2,441.32, and the Nasdaq Composite added 39.68 points (or 0.64 percent) to 6,256.56.

More news: Wal-Mart in hot water over 'back to school' gun display

This gave investors some hope at the end of a jittery week, which could show the S&P's biggest weekly loss in more than four months, primarily due to a continuous exchange of threats between the United States and North Korea.

The US equity market is hovering near record levels and volume has been tepid following the onset of summer.

Crude oil less than 0.5 percent higher with prices at $49 per barrel.

But the S&P Bank sub-sector fell 0.7 percent on dimming prospects of another rate hike this year since higher rates tend to boost bank profits.

J.C. Penney Co. Inc. reported quarterly losses that were lower than investors' expectations, causing the stock to crater 16.56 percent.



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