Stock Market Soars After Report Signals Inflation Is Cooling

Stock Market Soars After Report Signals Inflation Is Cooling

The S&P 500 had its best day since April 2020 after new data indicated that inflation had cooled in October. The Dow Jones closed up nearly 1,200 points.

The Consumer Price Index data released Thursday showed inflation grew at a 7.7% annual pace in October. That’s still high, but it’s the 1st month below 8% since February. Inflation peaked at 9.1% in June.

From the New York Times:

Stocks jolted higher on Thursday, after fresh data showed a moderation in inflation, bolstering investors’ expectations that the Federal Reserve will soon slow the pace of interest rate increases that have weighed on the market.

The S&P 500 soared 5.5 percent, its best one-day performance since April 2020 and the early market recovery from the coronavirus induced meltdown.

This was only the 18th time since the year 2000 the S&P 500 has been up 5% or more in a day.

Read the full report here.

Listen to how excited the folks were as the closing bell rang.