Stocks rose on Thursday as newly released data It showed that the inflation rate rose year-on-year for the first time in more than a year, but the trends of de-inflation remained positive.
At the close, the Dow Jones Industrial Average (^DJI) was up around 0.2%. The S&P 500 (^GSPC) was nearly flat, while the technology-heavy Nasdaq Composite (^IXIC) was up 0.1%. All three indices pared larger gains than earlier in the session.
The Consumer Price Index (CPI) increased 0.2% month-on-month and 3.2% year-on-year in July, in line with the 0.2% monthly increase in June but higher than the 3% annual increase in June. Economists polled by Bloomberg had expected an annual increase of 3.3% in July.
On a “core” basis, which excludes the more volatile costs of food and gas, prices in July increased 0.2% from the previous month and 4.7% from a year ago. Both measures were slightly better than economists had expected. Core inflation rose at the slowest pace since October 2021.
Meanwhile, earnings season is coming to a close, as Alibaba (BABA) and Ralph Lauren (RL) both released quarterly reports. Shares of Disney (DIS) closed up nearly 5% after the media giant said it would raise monthly prices for ad-free streaming plans.
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