Update: Wall Street Extends Gains on Further Signs of Cooling Inflation
(Updates with market moves at the end of the day.) US equities rose Wednesday, driving major indexes higher for a second straight day as traders digested another softer-than-expected inflation report. The Nasdaq Composite closed 0.6% higher at 26,269.2, while the S&P 500 advanced 0.4% to 7,572.4. The Dow Jones Industrial Average added 0.3% to settle at 52,658.6. Among sectors, communication services saw the biggest gain, while utilities led the laggards. Technology giant Apple (AAPL) was the best performer on the Dow, up 4%. The iPhone maker has held talks with bankers in recent months about possible acquisitions of chip companies, The Information reported, citing unnamed sources. Other tech majors also advanced, with Alphabet's (GOOGL) class A shares, Amazon.com (AMZN), and Microsoft (MSFT) following Apple on the Dow as the top performers. In economic news, US producer prices unexpectedly dropped on a monthly basis in June amid a steep decline in the cost of energy products, official data showed. "We expect to see another weak reading for the July (producer prices index), even though global oil prices have moved higher in the past week," Oxford Economics said in a note. On.
(Updates with market moves at the end of the day.) US equities rose Wednesday, driving major indexes higher for a second straight day as traders digested another softer-than-expected inflation report.
The Nasdaq Composite closed 0.6% higher at 26,269.2, while the S&P 500 advanced 0.4% to 7,572.4.
The Dow Jones Industrial Average added 0.3% to settle at 52,658.6.
Among sectors, communication services saw the biggest gain, while utilities led the laggards.
Technology giant Apple (AAPL) was the best performer on the Dow, up 4%.
The iPhone maker has held talks with bankers in recent months about possible acquisitions of chip companies, The Information reported, citing unnamed sources.
Other tech majors also advanced, with Alphabet's (GOOGL) class A shares, Amazon.com (AMZN), and Microsoft (MSFT) following Apple on the Dow as the top performers.
In economic news, US producer prices unexpectedly dropped on a monthly basis in June amid a steep decline in the cost of energy products, official data showed. "We expect to see another weak reading for the July (producer prices index), even though global oil prices have moved higher in the past week," Oxford Economics said in a note.
On.