B. Riley Wealth Management chief global strategist Mark Grant provides insight into the market rally and gives advice on investing.
U.S. equity futures traded higher, continuing a rally that saw the Dow close above 32,000 for the first time.
The major futures indexes suggest a gain of more than 1.8% on the Nasdaq and 0.2% on the Dow.
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Stocks climbed on Wednesday after a key measure of inflation in the U.S. came in lower than expected, easing worries that price pressures could push interest rates higher.
The U.S. House of Representatives approved President Biden’s $1.9 trillion COVID-19 relief bill, helping to send the Dow 1.5% higher to a record close of 32,297.02.
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The S&P 500 rose 23.37 points to 3,898.81. The Nasdaq slipped less than 0.1% to 13,068.83.
The Labor Department reported that U.S. consumer prices, a key measure of inflation at the consumer level, rose 0.4% in February, the biggest gain in six months, led by a jump in gasoline prices. But core inflation, excluding food and energy, posted a much smaller 0.1% gain, easing fears that the inflation might surge as the economy recovers from the pandemic.
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CONSUMER PRICES ROSE IN FEBRUARY AS BIDEN’S SPENDING PLAN SPARKS INFLATION FEARS
Treasury yields fell broadly following the report, including the benchmark 10-year Treasury note, which influences interest rates on mortgages and other consumer loans. The yield on the 10-year Treasury note was steady at 1.52%.
Thursday morning, the Labor Department will post its count of new claims for unemployment benefits for last week. Expectations are for 725,000, a decline of 20,000 from the prior week’s reading and the lowest since late November.
In Europe, London’s FTSE slipped 0.2%, Germany’s DAX was off 0.1% and France’s CAC gained 0.2%.
In Asia, Tokyo’s Nikkei 225 index gained 0.6%, the Hang Seng in Hong Kong added 1.7% and China’s Shanghai Composite index jumped 2.4%.
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In other trading, U.S. benchmark crude oil gained 66 cents to $65.11 per barrel in electronic trading on the New York Mercantile Exchange. It picked up 43 cents to $64.44 per barrel on Wednesday. Brent crude, the international standard, gained 72 cents to $68.62 per barrel.
The Associated Press contributed to this article.
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